Once again, Bitcoin price has fallen below $10k per coin. The largest digital asset by market cap has shocked investors in the last few months with rallies that saw the coin reach highs of over $13,500 in value. The surge in price has led to multiple discussions on Bitcoin’s future potential as it once again takes center stage.
The latest bullish opinion comes in from Squawk Box’s Joe Kernen, who suggested that BTC price will surge to $55,000 by May 2020. Though many will dispute this thought, there are plenty of prominent cryptocurrency figures aligned with this sentiment.
Bitcoin Price to Reach $55k
One possible impetus for such an astronomical climb is the upcoming halving of Bitcoin, which is scheduled to happen sometime in May 2020. Kernan reiterated the fact of this halving; that once it happens, miners will receive 6.25 BTC per block instead of 12.5. As such, he expects traders to accumulate as much Bitcoin as possible prior to the event, and this should see prices soar.
The halving was implemented into Bitcoin’s code by its creator Satoshi Nakamoto in order to make BTC a deflationary asset. The maximum supply of Bitcoin is 21 million coins.
If Bitcoin is to follow past trends, then a surge prior to the halving is likely. Whether the coin reaches $55,000 per coin remains another question entirely, however.
The last halving took place on July 9, 2016, on block 420,000. Once it occurred, the block reward fell 50%, from 25 BTC to the current level of 12.5 BTC. On this occasion, the halving was preceded by a sharp rally that began the month previously. Thereafter, Bitcoin did steadily climb to its all-time-high levels of $20,000 per coin in December. It remained at this level for several weeks before tanking across 2018.
Do you think Bitcoin price can hit $55,000 per coin? Is this too ambitious, or are you on the side of this bull?
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