$100,000 Price Level May Realistically Be on the Horizon for Bitcoin
- Bitcoin’s next halvening will happen next year.
- Crypto Einstein posted a chart to Twitter to suggest the path that Bitcoin could take.
The next halving of Bitcoin is presently expected to take place by May of next year, leaving miners with half of the reward that they previously were making. As a result, half of the Bitcoins will be issued, and the digital asset will become even more scarce than it already was, considering that there’s already a limited supply.
The creator of Bitcoin implemented this algorithm when the crypto asset was created, preventing inflation from happening. John McAfee, a crypto proponent with eyes for the US presidency, recently told U.Today that Bitcoin is the first deflationary coin, adding that there’s already 7 million BTC that has be lost for good.
An enthusiast on Crypto Twitter, named Crypto Einstein, has about 40,000 followers, and he recently posted a chart to demonstrate how Bitcoin’s price has risen after every single halvening. The halvening occurs approximately every four years.
In the chart, Crypto Einstein confirms the timing of the massive price rally for Bitcoin in December 2017, allegedly connected with the halvening that happened the year prior.
Bitcoin halving history 😱
History always repeat itself. pic.twitter.com/Dug0iyseze
— Crypto Einstein (@BitcoinEinstein) November 30, 2019
After the halving that is planned for next year, there are many people who believe that the price could see a massive hit, since miners may not be as motivated to continue their business. However, others believe that the price of Bitcoin will see a surge.
According to the chart posted by Crypto Einstein, the price is expected to ultimately reach $100,000, which would be the highest price level that it has achieved to date. When the fourth and final halvening happens, the chart suggests that the price of Bitcoin will even reach $300,000. One analyst was quoted in earlier reports from U.Today that suggested that Bitcoin would see a $14,000 price level before the halvening happens.
At the time of writing, Bitcoin was priced at $7,556.70, dropping by 2.36% in the last 24 hours. Another analyst suggested that the price could see a $13,000 price tag after flat trading over the course of a few months. Other analysts see a bearish reversal happening, which would push Bitcoin down to the $6,300 price level.