Bitcoin Price Predictions for 2020 & Beyond: Where Will Bitcoin Go Next?
2020 has been a chaotic year. Amidst all the chaos, bitcoin has quietly had a great year.
Yes, the global pandemic has dominated headlines, and governments are printing billions of dollars, yet bitcoin has remained steady as the world’s largest and most valuable cryptocurrency.
Of course, things can change quickly – especially in crypto. Its possible bitcoin will be worth $50,000 by the end of 2020. It’s also possible bitcoin will be worth $5,000 – or even $500.
Where is bitcoin heading next in 2020? What do experts say? Did gurus like John McAfee update their 2020 bitcoin price predictions? Should you buy bitcoin today? Find out everything you need to know about experts’ 2020 bitcoin price predictions today.
Bloomberg Analyst Predicts $20,000 Bitcoin by the end of 2020
Bloomberg generated buzz for its $20,000 bitcoin price prediction. In the June 2020 edition of the Bloomberg Crypto Galaxy Index (BGCI) report, a Bloomberg analyst argued that “something needs to go wrong” for bitcoin not to appreciate.
That analyst believes bitcoin has the upper hand against competing assets like gold, commodities, Nasdaq, and crude oil. The analyst also sees potential in bitcoin futures and Tether.
Another significant advantage of bitcoin is that its digital money. COVID-19 has increased the digitalization of money. Some businesses no longer accept cash – or are encouraging digital payments instead. Bitcoin is digital money that is becoming increasingly usable.
Based on all of these advantages, Bloomberg sees bitcoin gaining support at $10,000 – and ultimately rising to $20,000 or above by the end of the year:
“After 2014’s 60% decline, by the end of 2016, the crypto matched the 2013 peak. Fast forward four years and the second year after the almost 75% decline in 2018. Bitcoin will approach the record high of about $20,000 this year, in our view, if it follows 2016’s trend.”
It’s true: based on previous bitcoin price trends, bitcoin could easily break its previous all-time high, rising above $20,000 by the end of the year. Fueled by the rise of digital money and increasing interest in bitcoin futures, bitcoin could peak by December 2020.
Max Keiser Predicts $100,000 Bitcoin for 2020
Crypto analyst Max Keiser recently issued an optimistic price prediction for bitcoin. In a series of tweets on July 27, the Keiser Report host predicted that BTC/USD was headed for $100,000 after a correction period of around $28,000.
“$28,000 is in place before we see a pullback – and then we’re heading to 6-figures,” explains Keiser.
Keiser updated his price prediction after seeing bitcoin rise above $10,000 – and stay above $10,000 – in late July. Keiser acknowledged that gold was nearing all-time highs, although he still sees bitcoin as a better long-term play.
To be clear, Keiser did not issue a specific timeline for his prediction. He believes bitcoin will rise to $28,000, pullback, and then ultimately rise to $100,000. We may see this by the end of 2020 or 2021 – or even later.
Citibank Forecasts $120,000 Bitcoin by 2021
Citibank has one of the most optimistic price predictions for bitcoin among major financial institutions. Citibank predicts bitcoin will reach a price of $120,000 by 2021 – but only if it meets specific requirements over the coming months.
Citibank believes bitcoin must test the price of $13,850 before rising close to its ATH in 2021, before ultimately rising to $120,000 at some point in 2021 or beyond.
As evidence, Citibank cited previous price movements by bitcoin in 2016. Citibank sees similar patterns this year:
“The setup over the last 2 ½ + years in bitcoin continues to crack closely to that over the 2 ½+ years leading into the summer of 2016 before it started to move exponentially higher. Initial good resistance is met at $10,500-$10,820. If that gives way, the next good level is $13,850, and above there, $19,511. If $19,511 was to give way, well, the chart speaks for itself.”
The chart ultimately shows bitcoin rising to $120,846.80 in late 2020 or early 2021.
Citibank, like many other bitcoin price predictors, has a stake in crypto. Citibank increased its stake in crypto startup Komgo earlier this year and has begun to integrate its trading platform with Komgo’s Ethereum-based blockchain.
Ki-Young Ju Predicts Whales Will Drag Prices Back Down in 2020
Not everyone is optimistic about bitcoin’s price in 2020. Crypto analyst Ki-Young Ju tweeted on July 26 that bitcoin’s price went up too quickly – and whales agree.
— Ki Young Ju (@ki_young_ju) July 27, 2020
Ki-Young Ju spotted increased movement to exchanges as whales sought to cash out their holdings. Ki-Young Ju, who is the CEO of Crypto Quant, claims there has been a 5,000 BTC surge sent to exchanges in recent days after the late July rally.
Based on this flow, investors can expect a “massive setback” if the flow of bitcoin to exchanges is maintained. Whales want to cash out before the crash.
Panxora Predicts $7,000 Bitcoin by the end of 2020 (But a New All-Time High in 2021)
It’s not all rosy for bitcoin. Crypto analyst firm Panxora has not adjusted its bitcoin price prediction for 2020. In an email to Forbes, Panxora CEO Gavin Smith claims he sees volatility throughout the end of 2020, followed by a momentous 2021 as bitcoin rises to new all-time highs:
“Our view for the balance of 2020 is still high volatility with a year-end of around $7,000 [per bitcoin] with a drive higher to new highs in 2021.”
Gavin, like Ki-Young Ju, also sees a short-term retreat in bitcoin prices after the July 2020 surge, claiming there will be “a short term washout this year before the true rally takes hold [in 2021].”
The Stock-to-Flow Model Predicts $55,000 Bitcoin by 2020
The stock-to-flow model (S2F) argues that bitcoin has value because of scarcity. The model is heavily weighted to give value to halving events. If the demand for bitcoin continues to rise, and if supply suddenly drops, then prices have to increase.
Understandably, the S2F model predicted a considerable spike in bitcoin prices after the May 2020 halving event, when the block reward for bitcoin dropped from 12.5 BTC every 10 minutes to 6.25 BTC.
The creator of the model, PlanB, claims his model predicts $55,000 per BTC in 2020 or 2021:
“The predicted market value for Bitcoin after May 2020 halving is $1trn, which translates in a Bitcoin price of $55,000. That is quite spectacular. I guess time will tell, and we will probably know one or two years after the halving.”
The prediction matches the performance of bitcoin after the previous halvings in 2012 and 2016. If bitcoin goes on a similar trajectory, we could see $55,000 per bitcoin within 1-2 years of the May 2020 halving.
Elliot Wave Predicts $3,000 Bitcoin by the end of 2020
The Elliot Wave Theory is frequently criticized for its over-reliance on crowd psychology. It’s also more subjective than other models. However, technical analysts use the Elliot Wave Theory to determine market cycles – and to spot bear and bull runs.
When analysts talk about markets going through ‘8 waves’, they’re talking about Elliot Waves and the Elliot Wave Theory. Analysts interpret these waves differently, so there’s no concrete Elliot Wave bitcoin price prediction.
However, some analysts spotted an Elliot Wave pattern forming in April 2020 that would lead to a correction of $3,000 by the end of 2020.
Analysts believe this would be a short-term retreat before long-term increases. The theory argues that markets go through bear and bull cycles in waves. After surviving a bear wave, bitcoin will go through a bull wave.
TradingBeast Predicts $8,000 Bitcoin by 2020
TradingBeast’s Bitcoin Predictions are less optimistic about bitcoin in 2020. In March, TradingBeast predicted bitcoin would continue sliding throughout 2020, hovering around the $8,000 mark throughout the year.
TradingBeast acknowledges that bitcoin could rise and rally during the year, although they maintained the average would hover around $8,000.
In recent months, TradingBeast has slightly raised its bitcoin price prediction, although the firm still sees an average price of around $9,000 throughout the latter half of 2020.
Technical Analysts See Strong Bullish Trends for 2020, “Has No Barriers” to Growth
The July / August 2020 technical analysis for bitcoin is exceptionally bullish, with analysts seeing increasing action across multiple technical analysis indicators.
As explained by FX Street, bitcoin’s price “has next to no barriers” on the way up after breaking the $10,000 barrier, which they describe as “psychological.” FX Street highlighted technical analysis showing increasing support above $10,000 and $11,000 – and that means strong bullish momentum for bitcoin moving forward.
“The way to the upside is a path of the least resistance now,” explained FX Street’s Tanya Abrosimova in a July 27 report.
Crypto Research Report Predicts $20,000 Bitcoin by 2020 (And $400,000 by 2030).
The June 2020 edition of the Crypto Research Report (CRR) issued optimistic price predictions for several currencies – including bitcoin. Specifically, the CRR team believes bitcoin will reach almost $20,000 this year, then continue rising to $341,000 in 2025 – and up to $397,727 in 2030.
CRR was similarly bullish on its 2020 Ethereum (ETH) and Bitcoin Cash (BCH) price predictions, with ETH, predicted to rise to $3,644 by 2030 and BCH predicted to rise to $13,000 by 2030.
Chamath Palihapitiya Predicts $1 Million Bitcoin – by 2037
Chamath Palihapitiya has made one of the most distant bitcoin price predictions to date. The co-owner of the Golden State Warriors and the founder of Social Capital has invested in bitcoin since 2012. By 2013, Chamath had included bitcoin in his hedge fund, general fund, and private account. At one point, he famously owned 5% of all bitcoin in circulation.
Understandably, someone who owns a significant amount of bitcoin has lofty price predictions for the world’s largest cryptocurrency.
Chamath believes bitcoin will top $100,000 within the next 3 to 4 years, reaching a price of $1 million by 2037. Chamath thinks bitcoin is a fantastic hedge and store of value for those betting against autocratic regimes and banking infrastructure, that dominates the world today.
Wences Casares Predicts $1 Million Bitcoin – but by 2027
As the founder and CEO of bitcoin wallet company Xapo, Wences Casares has even loftier predictions for bitcoin than Chamath Palihapitiya. Casares believes bitcoin will peak at $1 million by 2027.
Casares first saw the power of bitcoin in 2011, when fiat currency values in his native Argentina were fluctuating wildly. He bought bitcoin and has never looked back.
At the 2017 Consensus conference in New York, Casares stated that bitcoin would hit $1 million within 5 to 10 years. In other words, bitcoin will be worth $1 million at some point between 2022 and 2027.
John McAfee Predicts $500,000 to $2.6 Million Bitcoin by 2020
John McAfee infamously made one of the most ambitious price predictions in bitcoin history, claiming that bitcoin would be worth half a million dollars by 2020.
McAfee made this prediction in September 2017 when bitcoin was nearing its all-time high. At the time, it sounded somewhat plausible. Today, nearing the end of 2020, $500,000 seems an impossible target.
McAfee’s prediction was even bolder, claiming bitcoin could be worth as much as $2.6 million within that same timeframe. In November 2017, the notorious bitcoin evangelist predicted $1 million bitcoin by the end of 2020 – and he promised to eat his penis on national television if he was incorrect.
McAfee insisted on his $1 million price target throughout 2019. Then, in May 2020, he made a sudden change, claiming his prediction was “nonsense”:
“Put a different way: If Bitcoin ever hit $1 mil, it's market cap would be greater than the GDP of the entire North American Continent. What idiot could believe such nonsense? Whale F*cking is a thousand times more likely to make its way onto the Olympics Stage.”
In any case, bitcoin needs to rise by thousands of percentage points in the coming months for McAfee’s original price prediction to be correct.
Winklevoss Twins Predict $5 Trillion Market Cap by 2028 to 2038
The Winklevoss twins, who played a role in Facebook and founded crypto exchange giant Gemini, believe bitcoin can reach a $5 trillion market cap within the next 10 to 20 years. The prediction was made in 2018, giving us until 2038 to see if the prediction is correct.
The Winklevoss twins made this prediction based on the idea that bitcoin’s bitcoin is 30 to 40 times its current value. They also believe bitcoin disrupts gold as “gold 2.0”.
Mike Novogratz Predicts $7.5 Trillion Market Cap by 2029 to 2039
In March 2019, former hedge fund manager turned crypto trader Mike Novogratz predicted bitcoin would surpass gold’s market cap within 10 to 20 years, which means bitcoin’s market cap will rise above $7.5 trillion by 2029.
Novogratz claims bitcoin could “easily” surpass gold’s market cap, calling bitcoin investing “a pretty smart portfolio bet.” As bitcoin technology grows, it’s becoming increasingly easier to use. Novogratz also sees potential in bitcoin lending.
Tom Lee Predicts $91,000 Bitcoin by 2020
Tom Lee has made headlines countless times for his optimistic bitcoin price predictions. Tom Lee has been characteristically confident about bitcoin’s price appreciation in 2020, believing bitcoin will rise to $91,000 by 2020.
Tom Lee is co-founder of market analysis firm Fundstrat, Global Advisors. He previously predicted (correctly) that bitcoin would hit a price near $20,000 in 2017, then drop in 2018. For his 2020 prediction, Tom Lee used an average of the percentage gained at a price after each dip.
Tai Lopez Predicts $60,000 Bitcoin
Tai Lopez is an investing guru best-known for his flashy online marketing campaigns (he notoriously filmed a viral video where he stood in his garage bragging about his Lamborghini). Tai argues that institutional money could flow into bitcoin, causing prices to appreciate to $60,000 at some point in the coming months or years.
Tai claims that if millionaires invest a small portion (1%) of their assets into bitcoin, then the price will rise to $60,000 in the mid-term.
Kay Van-Peterson Predicts $100,000 Bitcoin by 2027
Saxo Bank analyst Kay Van-Peterson has made headlines for his lofty bitcoin price predictions – although he seems sane compared to others on this list. Van-Peterson believes bitcoin will rise to $100,000 apiece by 2027 – although he made the prediction back in 2017.
Van-Peterson predicted bitcoin’s rise to $2,000 in early 2017, which seemed like an outlandish prediction at the time.
Jeremy Liew Predicts $500,000 Bitcoin by 2030
Lightspeed Venture Partners executive Jeremy Liew is best-known for being Snapchat’s first investor. With an estimated net worth over $2 billion, Liew has had a successful investing career.
In a May 2017 interview with Business Insider, Liew claimed bitcoin could “realistically” rise to a price of $500,000 by 2030.
Mark Yusko Predicts $400,000 Bitcoin
Morgan Creek Capital founder Mark Yusko predicts bitcoin will reach $400,000 in the long term. Yusko claims it’s “just math” that bitcoin will reach this amount. He sees it as an equivalent to gold. There are approximately 20 million bitcoins available today, and gold has a market cap of $8 trillion. If you do the math, bitcoin would be worth $400,000 apiece with a similar market cap.
Of course, bitcoin’s circulating supply is even less than 20 million due to lost or unrecoverable coins, which means Yusko’s real prediction could be as high as $600,000. Yusko did not give a timeline for his prediction.
Roger Ver Predicts $250,000 Bitcoin
Roger Ver has been involved with bitcoin since 2011, and he made his first lofty bitcoin price prediction back in October 2015, when he argued that bitcoin could easily be worth $2,500, $25,000, or $250,000 per bitcoin.
All of these numbers seemed outlandish at the time. However, all three of Ver’s price predictions now seem realistic. Roger Ver did not give a timeline for his price prediction.
Antony Pompliano Predicts $100,000 Bitcoin by 2021
Crypto personality Anthony Pompliano predicts we’ll see $100,000 bitcoin by December 2021. Pompliano made this prediction in February 2020, when bitcoin had just surpassed $10,000.
“Pomp” is a well-known bitcoin personality. He’s also founder and partner at Morgan Creek Digital, a crypto asset management firm for institutional investors. He claims to hold 50% of his net worth in bitcoin.
Where is bitcoin’s price going in 2020? What do experts think? Clearly, they’re all over the board. Some see bitcoin rising to $500,000 in 2020. Others see bitcoin being worth less than $3,000 by the end of the year. With bitcoin prices surging in August 2020, it’s anybody’s guess where bitcoin’s price will go next.