Bitcoin Price Prediction: BTC Coin Price Forecast

May 19, 2020

Price Prediction

Sean Korbett

What is Bitcoin (BTC)?

Bitcoin is a digital and fully decentralized currency. Decentralization of the network is the main goal of the Bitcoin. The fundamental achievement of bitcoin is its genuine peer-to-peer payment system; no person or even institution was “in charge” of bitcoin. 

Three main ideas were embedded in the Bitcoin code: 

• Bitcoin should not be regulated by anyone.

• Its emission should not be infinite.

• The cost of a coin depends on its demand.

The maximum number of bitcoins – 21 million, and the possibility of their extraction were laid in the bitcoin algorithm.

Bitcoin “halving” occurred on 11 May 2020. This means that its miners’ remuneration was halved. 

Bitcoin statistics

Source: CoinMarketCap, Data was taken on 19 May 2020.

Bitcoin achievements and future plans

Bitcoin in 2019:

Bitcoin Core released:

• Improved Partially Signed Bitcoin Transaction (PSBT) support and added support for output script descriptors. This allowed it to be used with the first released version of the Hardware Wallet Interface (HWI).

• Implemented the new CPFP carve-out mempool policy, added initial support for BIP158-style compact block filters (currently RPC only), improved security by disabling protocols such as BIP37 bloom filters and BIP70 payment requests by default. It also switches GUI users to bech32 addresses by default.

LND released:

• Support for Static Channel Backups (SCBs) that help users recover any funds settled in their LN channels even if they’ve lost their recent channel state.

• Improved autopilot to help users open new channels, plus built-in compatibility with Lightning Loop for moving funds onchain without closing a channel or using a custodian.

• Added support for using a watchtower to guard your channels when you’re offline.

• Added support for a more extensible onion format, improved backup safety, and improved the watchtower support.

Other:

• Its price has more than doubled.

• For the first time in history Bitcoin was assigned a rating of “A”.

• British court recognized Bitcoin as property.

• The second largest in Germany and ninth in Europe, the Stuttgart Stock Exchange launched Bitcoin spot trading. 

• In Russia, for the first time, Bitcoin was added to the authorized capital of a company.

• Bitcoin Named the Best Asset of the Decade by Bank of America Merrill Lynch.

Bitcoin in 2020:

• Focus on the Lightning Network. The continuation of work on c-lightning (Blockstream), Eclair (ACINQ), LND (Lightning Labs) and Rust Lightning to develop the protocol.

• Expectation of the Schnorr/Taproot softfork in 2020 or 2021 that is improvement in fungibility, privacy, scalability and functionality.

• Bitcoin “halving” occurred on 11 May 2020.

• Amid the general crisis caused by coronavirus pandemic (COVID-19) and the depreciation of money, the Bitcoin value is growing.

Bitcoin Technical Analysis

Source: TradingView, Data was taken on 19 May 2020.

Bitcoin Price Prediction 2020

TradingBeasts BTC price prediction

The Bitcoin price is forecasted to reach $8,681 (-10.25%) by the beginning of June 2020. At the end of 2020 BTC price will be $8,345 (-13.72%).

Wallet investor Bitcoin price prediction

Bitcoin price prediction: maximum price by the end of December 2020  $13,559 (+40.19%), a minimum price $7,886 (-18.47%).

DigitalCoinPrice Bitcoin forecast

There will be a positive trend in the future and the BTC might be good for investing. BTC price will be equal to $22,501 at the end of 2020 (+132.63%).

Crypto-Rating BTC price forecast

Based on historical data Bitcoin price will be at $12,272 (+26.87%) in 1 week and $13,338 (+37.90%) in 1 month. Analysis of the cryptocurrency market shows that Bitcoin price may reach $18,679 (+93.11%) by 1st of January 2021 driven by the potential interest from large institutional investors and more regulation expected in the field of digital currencies.

Buy Bitcoin at StealthEX

Bitcoin (BTC) is available for exchange on StealthEX with a low fee. Follow these easy steps:

✔ Choose the pair and the amount for your exchange. For example ETH to BTC.

✔ Press the “Start exchange” button.

✔ Provide the recipient address to which the coins will be transferred.

✔ Move your cryptocurrency for the exchange.

✔ Receive your coins.

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The views and opinions expressed here are solely those of the author. Every investment and trading move involves risk. You should conduct your own research when making a decision.

May 19, 2020