Give Way, Bitcoin (BTC) Bull Market Is Finally Here! But A Doubt Hitting $100,000 Is SpreadingFebruary 3, 2020
Crypto analysts and traders see Bitcoin (BTC) getting more expensive than previous weeks. The recent bullish price momentum of the leading cryptocurrency by market cap is giving new hopes to a number of crypto enthusiasts.
While BTC bulls are doubling their efforts before the upcoming halving, others are giving fearless predictions on how high it will soar in years to come. Some shared that BTC will target close to $12,000 level by the end of 2020, while others believed that it would hit $100,000 in two years.
Monthly Flip of Bitcoin
Over the past few weeks, Bitcoin’s price holds the $9,445 zone. Since the bear market made traders frustrated in 2018 and 2019, the bulls are now celebrating.
However, some analysts fear that the recent rally might give the crypto space another false victory.
On January 12th, the Moving Average Divergence Convergence was on its first red candle. But, other major timeframes like daily and weekly appeared to be in bullish patterns.
After three weeks, traders become more excited. That’s because Bitcoin charts completely transformed into incredibly bullish. This crypto event garnered a noticeable shift across the online world.
Bitcoin After the Second Halving
Crypto analyst Dave the Wave believes that Bitcoin has a big chance of hitting above the $100,000 zone in the next few years. Despite the presence of diminishing returns, the crypto asset is expected to ignite a bull run.
Considering the crypto’s historical performance after the halving season, it rose from $12.31 to $994.21 in the first halving. During that period, Bitcoin impressively surged 7,976%.
Additionally, the leading cryptocurrency made a stunning market performance as it rose from $650.63 to $19,535.70, which resulted to its all-time high during the second halving.
What Stops Bitcoin to Reach $100,000 Level This 2020?
If you’ll remember, Bitcoin’s price rose from $8,879 to $8,879 on January 14th, which resulted to an 8.5% daily increase. Other than that, the crypto’s mining difficulty also rose by $7.08%, and that increase act as a running pattern in 2020.
Besides, on January 1st, the price of BTC was about $7,200, along with 6.57% mining difficulty. Despite the absence of immediate change, the price increased at approximately 7% five days later before it stabilized for nine days. Then, their price moved to 8.5% on January 14th.
When January 28th kicked off, the crypto brought a gradual difficulty growth of 4.6%, leading to price bounce from $8,900 to $9,350. That increase is another similar percentage increase to mining difficulty.
A lot of crypto YouTubers predicted that the price of BTC would rise to $100,000 this 2020. However, some analysts expressed their disagreement to that forecast. They consider the BTC’s price history showing that it does not begin taking off until between six months after the actual date of halving.
Currently, the opinion-whether or not the price of Bitcoin will reach the $100,000 level in 2020 remains a hot topic in the crypto space.