In spite of the optimistic projections made for Bitcoin along the upside trend of the market, Bitcoin seems to be dashing all hopes for a recoil power that will reignite the bull. However, analysts look quite resilient on the pathway to the bull, either in the long or short term.
According to history, the quadrennial event of Bitcoin in the industry which is aimed at preventing inflation in Bitcoin’s price, BTC halving, has been emphatically described by market gurus as an event highly linked with significant surge in the price of the token.
The halving event which happens after two hundred and ten thousand (210,000) news blocks that been mined help slashes the reward that miners get for their activities on the asset network.
The latest chant from people and analysts in the crypto space is that Bitcoin will witness price surge before and after the upcoming halving. In a similar manner, a BTC forecast linked with the upcoming halving was issued out on TradingView.
Dr. Yilmaz on twitter referenced an analyst report to aver that the previous 2013 and 2017 halving price rise surge is enough to predict $21K for BTC by the end of the year and $175K by end the of 2020.
“BTC prediction for upcoming halving. Going back to previous 2013 and 2017 halving price rise, expecting $21K by EOY 2019 and $175K by EOY 2020 is possible,” Dr. Yilmaz noted.
Trader Turkana, whose statement was referenced, on Trading View said we are familiar with the BTC price spike associated with its halving.
The aftermath effect of every halving (bull run), is an Above The Line (ATL) price which is higher than the previous All Time High (ATH).
Based on the analysts’ predictions for December 2019, Bitcoin would reach a Year All Time High (YATH) around $21K and a massive bull rally expected around May-June 2020 would see Bitcoin hitting $175K price by the end of 2020.
For 2021, the analyst envisioned that adoption will take the crypto asset to a new high above the previous years.
“BTC halving helped moving price up as we all know. After every halving price move (bull run) ATL always has been more than last ATH . Numbers on the chart are ($) rounded for easy understanding. My predictions for 2019 December YATH would be just over or just under $21K however expecting the big run on or after May-June 2020”, Trader Turkana continued.
“$175K BTC is the prediction and after could go back to $26 correction for the worse case scenario. However counting adoption of BTC , 2021 ATL could be well higher than predictions compare to previous years”.