Muhaimin is a journalist, a fintech and crypto enthusiast who is passionate about its development in Africa and across the globe. Muhaimin derives pleasure in reporting and analysing happenings in the crypto world and a believer in Blockchain technology.
With the halving event just around the corner, analysts predict that BTC will continue its bull run. Bitcoin can reach $10,000 before the event.
The king of crypto, as Bitcoin is referred to, since last month when its value was $6,000 has risen and dropped at intervals and most recently hit the $9,000 mark reaching as high as $9,200. The crypto before the Bitcoin halving event which is in 5 days is tipped to reach the $10,000 price mark.
The crypto has enjoyed victory rising above $10,000 earlier this year. However, it could not hold at that level and had to drop. Also, owing to the current pandemic, the crypto suffered its share of defeat plunging to as low as $3,000 before picking up and rising again to $9, 271 which its trades for as at the time of writing.
However, with BTC halving just around the corner, analysts predict that the crypto will go on an all bull run after the event when miners reward for processing transactions will be cut by half. True believers in the crypto say that the approaching halving event inspires gains.
Analysts Predictions on Bitcoin Price after Halving Event
Crypto enthusiasts believe those monetary and fiscal stimuli geared by central banks are behind the rise in the value of Bitcoin. Maybe or maybe not, with how Bitcoin value continues to hike, analysts are beginning to predict sky-high price targets.
Raoul Pal, a popular crypto analyst on Twitter, predicted that the crypto would hike to as much as $1 million between 2023-2025. His prediction is not all reliant on the approaching halving event; however, it is predicted to aid in the surge.
Another analyst who is also a Venture capitalist Tim Draper predicted that BTC would hike as much as $250,000 in two years or the first quarter of 2023. He said the crypto adoption would be vast because it is a better currency unlike other fiat currencies tied to government and political whims and also considering fiscal and monetary stimulus as reasons for adoption.
Another analyst predicts a 470% rise in the crypto value seeing it worth $50,000 by the end of 2020. Antoni Trenchev, director of crypto-lender Nexo, claims the halving event would lead to massive appreciation over time. Trenchev believes that crypto skeptics can continue to run down the crypto as much as they like, but it remains the best performing asset in the last ten years. He says that he is bullish about the currency’s future.
Exchange firms brace up for uncertain future
Several crypto exchange firms are reported to be hiring more hands in recent times. Kraken, Binance, Coinbase, etc. are all said to have hired more hands.
According to David Janczewski, CEO of Wales-based Coincover, any market event whether it is the pandemic or the halving that brings about more crypto adoption is a positive one for the business.
He said that it is part of what was experienced when the last spike occurred because many people came onboard in the crypto market because people felt the need to get in action, according to Jancezwski. Therefore whatever makes people feel the need to invest more in crypto is a good thing.