The cryptocurrency market has been showing signs of a bullish revival lately. Now, a high-profile crypto trader is suggesting that the price of Bitcoin could soon roughly double. In fact, this crypto trader argues that Bitcoin’s price could soar to $16,000 in June of 2020.
Bitcoin is showing bullish indicators
Numerous bullish crypto indicators have emerged in the past few days. Among others, the well-known veteran analyst Peter Brandt recently said Bitcoin’s price is now at its “bottom”. Moreover, the majority of traders are also bullish on Bitcoin, as the premier crypto continues to hold above $8,500.
Now, one crypto trader is out with a fresh price prediction in line with this bullish sentiment. Specifically, the crypto trader – known as “CryptoWolf” – is suggesting that the flagship crypto will surge to $16,000 by June 2020. This would represent a substantial upside from Bitcoin’s current price.
However, June 2020 will be soon after the upcoming Bitcoin halving – which happens in May. The cryptocurrency community is somewhat split on the halving’s effects on Bitcoin’s price. The main controversy surrounds whether or not the halving is already priced in or not.
Could the Bitcoin halving rally its price to $16,000?
Although it is hard to accurately predict whether or not it is, the halving will nevertheless demonstrate the results. As such, Bitcoin could see substantial volatility following the halving, which could rocket its price towards $16,000.
For those unfamiliar with the term, the halving will cut miners’ rewards for verifying Bitcoin network transactions in half. Consequently, Bitcoin will effectively become a more scarce asset, which is why some predict a price surge.
The Bitcoin halving is one of the major crypto events of 2020 – and one that is known beforehand. As a result, this event will likely be the source of much price speculation before it actually happens. Nevertheless, after the halving, it will likely quickly become clear if the price surges.
Other bullish analysts predict far higher prices than $16,000. Tim Draper says Bitcoin will reach $250,000 and John McAfee claims a $1 million price by the end of 2020. Keeping this in mind, $16,000 by June 2020 does not seem overly optimistic.
A Bitcoin price of $16,000 would represent a roughly 100% increase over the current price. At the time of writing, Bitcoin is trading at $8,644. If one assumes this price as a baseline, $16,000 is more than an 85% increase in roughly five months – if “CryptoWolf” is correct.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.