• May 2020 halving predicted to be the driving force behind Bitcoin’s expected rally by the end of 2020.
  • Ben Ritchie of Digital Capital Management was most bullish on Bitcoin, predicting Bitcoin to surge to $34,500.

The panel of analysts at Finder.com predicted at the beginning of the year that Bitcoin will soar 20% to highs around $8,589. At the time, January 1st 2020, Bitcoin was trading at $7,200.

Barely two weeks since the prediction was made, Bitcoin rallied to highs above $8,900. However, a retracement is currently underway with Bitcoin working hard to sustain the gains above the support at $8,600.

The same panel believes that Bitcoin is likely to double in value by the end of 2020. The average prediction for Bitcoin at year’s end averaged at $14,275. Interestingly, one of the panelists, Dr. John Hawkins at the University of Canberra sees Bitcoin closing the year at levels as low as $2,000. He explains:

“In over a decade, Bitcoin has not made any substantial progress in becoming a payments instrument and may face stronger rivals in 2020, such as Libra, and then central bank cryptocurrencies. Payments systems in central bank currencies are also improving.”

On the other hand, the Managing Director at Digital Capital Management, Ben Ritchie offered the most massive prediction, saying that the largest crypto will trade at $34,500 by December 31, 2020. He based his prediction on growth mostly fueled by geopolitical and economic uncertainty:

Investors will look to some alternative assets to shield from these events, and cryptocurrencies is likely to be a benefactor.” He notes that onboarding infrastructure for cryptocurrency investors, such as custody, insurance, wallets and user experience, continues to improve.

What will the impact of halving on Bitcoin?

One of the most repeated reasons for the bullish predictions was the May 2020 halving that will see mining rewards within the Bitcoin Network reduced to half. Nine out eleven panelists believed halving will see BTC price rally. Besides the reduced supply, increased demand will also contribute to the surge. According to Richard Galvin, the CEO of Digital Capital Management:

“The halvening] creates a focus on Bitcoin’s supply cap — one of, if not the key broad investment thematics. An event that drives focus on a key positive is likely to have a positive impact on price.”

The panel was most bullish on Bitcoin, Ethereum and Tezos. On the other hand, the panel was least bullish on Tron, EOS and Litecoin.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Strong resistance stack prevent BTC/USD from breaking past $8,600

BTC/USD fell from $8,665 to $8,584 so far this Thursday. The bears are in control of the market for the second straight day, as they were able to drop the price of the asset from $8,725 to $8,665 this Wednesday.

More Bitcoin News

Litecoin Market Overview: LTC/USD range tightens pre-breakout

Litecoin, just like many other cryptocurrencies is dealing with a sell-off that started earlier this week. The rally on Sunday last week reclaimed support above $60. However, the momentum ran out of steam short ...

More Litecoin News

IOTA/USD deals with a devastating 6% plunge

IOTA has been dealing with choppy markets the entire week. Consolidation commenced following the failure to break the resistance at $0.255. The resistance has been impenetrable even though it has been tested on several accounts. 

More IOTA News

Bitcoin Gold Price Analysis: BTG/USD falls below the $10.50 level

BTG/USD is on course of charting a third straight bearish day. So far this Thursday, BTG/USD fell from $10.75 to $10.37, falling below the $10.50 level, in the process. This three-day downward spiral got triggered ...

More Bitcoin Gold


Bitcoin Weekly Forecast: Bulls piggy-back on altcoins rally

This week was marked by a strong altcoins rally on the cryptocurrency markets. Bitcoin SV (BSV) and Dash experienced the sharpest price increase over 100% in recent seven days...

Read the weekly forecast