Bitcoin (BTC) price analysis
Before we can make a bitcoin prediction or price forecast, it is important to know that the total number of possible bitcoins is limited by nature, thus they are 'mined' from a finite pool, just like gold. When the amount of 21 million bitcoins is reached, no more can be mined.
Analysis of current trends predicts that the last full bitcoin will be mined in the 2040s, although fractional coins will still be awarded to miners. Once all the bitcoins are mined, the value of the cryptocurrency will completely depend on supply and demand.
BTC price history
A lot of changes have been seen in the price of bitcoin. In 2010, a single bitcoin was worth less than 25 cents on the dollar. Over time, and as businesses began to pay attention, Bitcoin went from being an unfamiliar technological topic to a massive phenomenon.
BTC technical analysis
To make predictions about the future value of bitcoin, we need to understand the changes in its past. Before we move on to future predictions, let's start with a technical analysis from the 2017 price surge to the current bitcoin price. For comparison, this is the state of Bitcoin at the time of publication:
Price prediction for Bitcoin (BTC) for 2020, 2021, 2025, 2030, 2040
To get an overview of future predictions for bitcoin, let's go over the latest opinions from traders, business leaders, and most famous authors in the crypto space.
Tim Draper's bitcoin price predictions
Tim Draper is a venture capitalist known for his enthusiasm for blockchain and cryptocurrencies. Draper's prediction envisions a future in which bitcoin will occupy 5% of the currency market by 2023 and enjoy a price surge of up to $ 250,000.
In an interview on April 6, Tim Draper criticized the US government's plan for economic recovery after the coronavirus. The venture capitalist believes this will increase the value of bitcoin:
This is going to be a really interesting time where people will say 'well, why don't I use bitcoin?' I know there are only 21 million of them and we don't have to worry if a government is diluting it by printing tons, we can use a currency that we all agree on and it's part of the economy and it's frictionless, it's open, transparent and global.
Tom Lee's price predictions for bitcoin
Tom Lee is a cryptocurrency trading expert who worked at JP Morgan before co-founding Fundstrat, where he works as head of research. Lee predicts that BTC will surge after the Bitcoin halving event in May 2020 and quadruple in price.
Lee is known for his graphical analysis of Bitcoin, and in a recent interview with Yahoo Finance, he predicted that BTC would break its 2017 record and hit an all-time high of $ 27,000 by the summer of 2020. Lee was previously wrong. His prediction of the bitcoin price for 2018 had to be adjusted several times. However, Lee's 2019 bitcoin price prediction correctly anticipated a recovery.
Willy Woo Bitcoin Price Predictions
Author and trader Willy Woo's predictions for bitcoin in 2019 were pessimistic, although for 2020 his forecast was optimistic. This is due to the scheduled Bitcoin halving event. Previous halving events resulted in a spike in price, so Woo predicts that the 2020 halving could see bitcoin hit the 5-figure mark.
Price Predictions for Bitcoin from Max Keizer
American broadcaster Max Keizer recently made a 2020 bitcoin price prediction on his regular financial analysis show The Keizer Report on RT. Like Tim Draper, Keizer's forecast predicts that the value of BTC will increase during and after the market crisis caused by the coronavirus.
I predict, and this is not just the latest use case, but the latest irony, that once people realize they can't get gold, they will start flocking to Bitcoin.
According to Keizer, a gold run by the rich will leave Bitcoin as the most viable safe haven for many.
This is the year of Bitcoin and if it doesn't go up now by the end of the year, I'll hang up my boots.
Price Predictions for Bitcoin from John McAfee
Antivirus pioneer turned cryptocurrency enthusiast John McAfee vowed to eat his own penis if his prediction of the $ 1 million BTC price by 2021 didn't come true. McAfee has backtracked on this outrageous outrageous statement.
