The past week has seen many bullish Bitcoin predictions. Now, a cryptocurrency startup CEO is throwing his hat in the price prediction ring, suggesting Bitcoin could soon reach $30,000. This would break Bitcoin’s previous all-time high by roughly 50%, and be over 200% higher than the current price.
Mashinsky suggest $30,000 Bitcoin by year-end
More specifically, the figure behind this prediction is the CEO of the crypto asset startup firm Celsius Network, Alex Mashinsky. Celsius Network is a blockchain-based lending and savings platform that seeks to provide “financial freedom, economic opportunity, and income equality for the 99%”.
Additionally, Mashinsky is a recognized innovator, credited with being one of the founders of the Voice over Internet Protocol (VoIP). He is also the recipient of several nominations for E&Y’s “Entrepreneur of the Year”, across two decades.
Now it would appear that Mashinsky can add crypto bull to his resume, considering his most recent price prediction. The suggestion that Bitcoin could rally to $30,000 came during a recent episode of the Messary crypto podcast. As Mashinsky himself puts it:
“I think that Bitcoin ends the year with a new high. I estimated $30,000 but it’s going to be somewhere between $20,000 and $30,000.”
The halving will help drive Bitcoin to all-time highs
Mashinsky makes the case that most people underestimate the effect of the upcoming Bitcoin halving. This suggestion is in line with a lot of other speculation that the halving could turbocharge the Bitcoin price.
For example, a recent article said that Bitcoin could rally to $16,000 by June 2020 following the Bitcoin halving. This would place Bitcoin on track to reach Mashinsky’s price prediction of $30,000 by year-end.
The Bitcoin halving will effectively cut the block production of Bitcoin in half, “halving” the supply of Bitcoin. Nevertheless, the real-life effect of the halving is still unclear – although many analysts expect it to driver prices higher.
One should note, however, that major bull runs historically take place in the year following the halving (2013 and 2017). If that is the case this time as well, Bitcoin’s “major” bull run would happen in 2021.
With that said, however, Mashinsky argues that the Bitcoin halving is not the only thing that could drive prices higher.
Geopolitical instability could also boost the crypto market
Rather, he also cites “geopolitical demand” as a central price driver for Bitcoin. According to his reasoning, increasing geopolitical unrest will drive investors towards Bitcoin, which in turn will increase prices.
Moreover, Mashinsky also notes that a Bitcoin surge would likely bring the rest of the market with it. However, although he believes $30,000 could happen by December, he still says there are some issues preventing mass adoption:
“For mass adoption we need to fix the [user experience] issue; we need to provide more utility – less volatility, more utility.”
Although any claim of an upcoming all-time high could seem overly ambitious, one should keep in mind that Mashinsky’s prediction is actually relatively modest. The past week has seen crypto analysts guide Bitcoin prices of $100,000 and even $152,000 before the end of 2020.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain 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.