Bitcoin (BTC) has registered a price increase of around 96% since January 1st 2019 until today. The leading digital currency moved from $3,740 to $7,457 and the future could be very positive for it. The main question is whether Bitcoin could experience another ~100% growth in 2020. According to some investors, Bitcoin could end 2020 with a price gain of 60%.
Could Bitcoin Surge In 2020?
2020 is getting closer and crypto enthusiasts are wondering whether Bitcoin will be able to continue growing this year. In May 2020, Bitcoin is going to experience a new halving event in which the reward for miners is going to fall from 12.5 BTC per block to 6.25 BTC per block.
This is a very bullish thing for Bitcoin and one of the most important characteristics of the most popular cryptocurrency. With a lower reward for miners, if there is an increase in the demand for BTC, the price could move upwards even faster.
According to Michael Novogratz, the founder of Galaxy Digital, Bitcoin is expected to finish above $12,000, which would be equal to a 60% increase from today’s price. Although this is just a prediction, it could show the way in which Bitcoin could be heading towards.
2020 prediction #1. @realDonaldTrump loses by more than 10mm votes. #2 $btc finishes over 12k. #3. @USAWrestling wins 3 golds in Tokyo (MF). #4 @tomhanks wins the Oscar for Mr Rodgers. #5 @reform and it’s partners help shrink the ‘supervised’ population from 4.5mm to 4mm or <
— Michael Novogratz (@novogratz) December 28, 2019
Back in June 2019, when Bitcoin reached $13,750, Novogratz said that he sold part of his BTC in order to wait for a correction and buy more. This indeed happened and Bitcoin was traded below $7,000 for a short period of time. Thus, Novogratz is considered to be a recognized voice in the crypto market.
But is Bitcoin able to grow by 100% in 2020? It is now important for Bitcoin to move away from the current bear trend in which it currently is since June 2019. Once it is able to go out from it and confirm the market entered a new bull trend, things could be very interesting.
In order for Bitcoin to grow by 100%, it will have to reach $15,000 in 2020. This is not a crazy prediction considering the cryptocurrency usually starts a bull market after its halving event. In the previous two halvings, Bitcoin’s price moved upwards a few days after the halving. Although this might not happen this time, there is a large possibility for it to start moving towards $15,000 and why not reach a new all-time high?