Bitcoin will hit $55k by 2020: Predicts Bitcoin bear turned bull Joe Kernen

The cryptocurrency landscape is changing, so are the people who were once known to be anti-crypto. For instance, the industry is just coming into terms with the latest comments by Joe Kernen, a figure popular known for his bear sentiments towards Bitcoin. Kernen, who co-hosts CNBC’s Squawk Box in his push to become a Bitcoin maximalist has predicted BTC to hit $55,000 following the halving event.

Bitcoin reward halving is set to happen in May 2020. The event will see mining rewards reduced to half from the current 12.5 BTC to 6.5 BTC per block. Halving has in the past introduced scarcity in the supply of BTC.

According to Kernen, this scarcity will lead to a higher demand for Bitcoin. He maintains the cryptoassets still conform to supply and demand principles just like precious metals like gold and silver.

Therefore, the halving will fuel the surge of Bitcoin to new highs never experienced before just like the history of past halving events in 2012 and 2016. Many analysts believe that Bitcoin will continue in a consolidation phase but will engage gears in a pre-halving surge to $20,000. Following the halving, Bitcoin is likely to make a parabolic bullish move to levels such as Kernen’s $55,000 and Morgan Creek Digital Assets co-founder Anthony Pompliano $100,000 prediction.