Many Bitcoin enthusiasts are expecting that this year, the cryptocurrency’s price will surpass its former all-time high of near $20,000. The upcoming halving of block rewards is often cited as a catalyst, with Bitcoin’s strong performance since the start of the year also raising hopes.
However, a majority of panelists (82%) at popular predictions platform, Finder.com forecast that even though the halving will propel the price of Bitcoin upward, the cryptocurrency will likely not see a new all-time high this year.
Beginning with the first three months of 2020, the panelists which notably include Bitcoin developer, Jimmy Song predicts that the cryptocurrency would increase on the average grow by 20% from its start of the year price, $7200 to reach $8,589.
Among the panelists, Dr. John Hawkins at the University of Canberra argued that Bitcoin would hit $5000 within the first three months of 2020, and expects things to get even worse for the cryptocurrency by year-end.
What Will Be Bitcoin’s Price By the End of 2020?
Per the panelists, the upcoming halving will propel Bitcoin’s price upward, seeing the cryptocurrency hit an average price of $14,275.
Only Hawkins disagrees, predicting a sub $2k price under the guise that “Bitcoin has not made any substantial progress in becoming a payments instrument and may face stronger rivals in 2020, such as Libra.”
Meanwhile, Ben Ritchie, managing director at Digital Capital Management predicted the highest price for Bitcoin by year-end at $34,500 suggesting that geopolitical and economic uncertainty will force investors to search for some alternative assets to shield from these events.
Jimmy Song predicted a $22,375 end-of-year value, followed by Fred Schebesta, co-founder of Finder and Crypto Finder who expects a $22,000 price. Lastly on the bullish side, Joseph Raczynski, a technologist at Thomson Reuters predicted a $14,000 value.
It is vital to note that these are mere predictions, as Bitcoin’s highly volatile natures mean no one knows exactly where its price would go next.