Over the last 24 hours, bitcoin has gained by almost 7%, from ~USD7,800 to about $8,300 as of the writing of this blog post. With the 3rd Bitcoin halving scheduled to occur in 13 days, you can feel the excitement blowing up on Crypto Twitter.
The year following halving events have seen crazy things happen. At the first halving, BTC was at $11. It topped out at $1,038 in about a year. During the 2nd halving in 2016, it was hovering at about $650. We all know what happened in 2017. The price touched $20,000. Per Bitcoin. In fact, the price doubled within the month of November 2017, starting the month around $10,000 and reached peak BTC price towards the end of the month.
So we know halving events typically encourage price discovery. With the price hovering around $8,000 now, we may see BTC at $9,000 at halving, and I honestly wouldn’t be surprised to see it top $100,000 by the end of 2021.
Price is really tough to predict, especially within this economic backdrop, but remember, bitcoin was forged in the throes of the last economic crisis, and was created exactly for situations like this, where we see governments recklessly printing money into existence like it doesn’t mean anything.
If you treat money as nothing, well, it will be nothing. So, who’s riding this next wave of price discovery with me?
Let the 3rd wave of price discovery begin in the era of unlimited Fiat.#btc
— Rich | SideHustleRich (@vinyarb) April 29, 2020
Ok fine, at the expense of looking extremely dumb a year from now, let me put my prediction in the box.
BTC to be at USD$120,000 end of 2021.