Bitcoin Will Hit $55,000 After The Bitcoin Halving In 2020 According To Latest Bitcoin Technical Analysis

bitcoin price rocket

Ever since the news of the upcoming Bitcoin halving started circulating, there has been a lot of positive Bitcoin price predictions. Many analysts have come up with their own price prediction even Tom Lee and Tim Draper, two experts in the financial world are bullish about Bitcoin. The Bitcoin price news is linked to the Bitcoin halving because history has shown the price of Bitcoin typically goes up ahead of the Bitcoin halving and after the Bitcoin having. The latest Bitcoin price analysis shows that the price of Bitcoin isn’t just going to spike ahead of the Bitcoin halving but it will skyrocket to $55,000 afterward.

Bitcoin Price News: Bitcoin Halving Will Lead To Bitcoin Bull Run Like No Other

If there is one thing Bitcoin and other cryptocurrencies have proven over the years, it’s that they are here to stay. Following the Bitcoin halving scheduled for 2020, Bitcoin will become one of the scarcest assets in the world. Scarcity is one of the major drivers of price. The latest Bitcoin technical analysis is that this scarcity is going to be the variable that will fuel a Bitcoin bull run as no one has ever seen.

The Bitcoin technical analysis about Bitcoin halving driving the price of BTC up was put together by PlanB. PlanB used the scarcity valuation model to analyze the price of Bitcoin. Keep in mind that even now, Bitcoin is still a scarce asset. PlanB made reference to a stock-to-flow ratio to make his Bitcoin technical analysis according to a Bitcoin price news on U°Today. The current stock-to-flow ratio of Bitcoin is 22. After the Bitcoin halving event, it will drop significantly.

After the Bitcoin halving, the total market capitalization of Bitcoin, according to PlanB, will be as high as the market capitalization of Apple, about $1 trillion. Institutional investors will flood the market along with governments from around the world.

Bitcoin Price News: Bitcoin May Hit $336,000 According To Bitcoin Technical Analysis

Apart from PlanB, another cryptocurrency expert said that the price of Bitcoin is going to move as high as $336,000 when the bulls take control of the cryptocurrency market again. If this happens, Bitcoin will overtake gold as the best store of value in the world. This analyst also said that his Bitcoin price prediction is based on the upcoming Bitcoin halving.

These Bitcoin price predictions may seem like a stretch but the analysts have good reason to believe that the price of Bitcoin will surge. Apart from the strong fundamentals and technicals, there is also history. The price of Bitcoin typically increases significantly after a bear market that removes at least 70% of its total value. During the last Bitcoin bear market, the price of Bitcoin fell by more than 80% from its all-time high. In the next bull run, we should expect to see a significant recovery.

Bitcoin (BTC) Price Today – BTC / USD

Name Price24H (%)
Bitcoin (BTC)
$7,989.00
-0.72%

The last Bitcoin halving which happened in 2016 was part of what led to the 2017 Bitcoin bull run that took the price of BTC near $20,000. Keep in mind that at the time of writing, the price of one Bitcoin was $4,049.86. It was down by 0.46% against the USD after trading in green for days. The trading volume over a 24 hour period $9,937,449,420 while the market capitalization is $71,341,811,985 according to CoinMarketcap.com.

What do you think about the Bitcoin price news today? Will the Bitcoin halving lead to a significant surge in the price of BTC? Share your thoughts in the comment section below.

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