It has been nearly two weeks since the halving, and yet analysts are still speculating about what could happen in the future for bitcoin’s price.
The Halving Still Has People Talking
Overall, halving events in the past have been quite bullish for the currency. This time, however, there seems to have been a lot of activity during the lead up, while the event itself turned out to be a real bore. Not much has happened since Tuesday, May 12. In fact, the currency is down since then, having recently lost more than $300 in price, and yet there are those who think that the currency will experience a very bullish year.
One of these figures is Simon Peters, an analyst at crypto exchange e-Toro. He states that the bitcoin price could reach highs nobody ever anticipated. He thinks the currency could spike into the six-figure range by the end of 2021 due to the recent halving, and he’s confident the currency is in it for the long haul.
In a recent interview, he claims:
I believe the halving precipitates a long bull run in bitcoin, one which may see highs of $100,000 – $120,000 within 18 months. Of course, there is always the possibility that it may drop, but this would likely be due to another black swan event such as a worsening of the COVID-19 pandemic, at which point other investable assets would be impacted as well.
What Peters says makes sense, in many ways. The second bitcoin halving occurred in the summer of 2016, and while for the most part, the currency ended the year on a relatively high note (around $1,000), this was nothing compared to where it would be sitting about 12 months later. The big movements didn’t come around until the end of 2017. At that time, the currency reached its all-time high of nearly $20,000 per unit.
So, Peters’ 18-month prediction falls in line with past events. The trouble is 2017 was followed by about 15 months of severe financial problems for the world’s number one digital currency. The asset spent all of 2018 and the early part of 2019 in the red and wound up losing close to 70 percent of its overall value. One wonders if the same thing could happen all over again if bitcoin shows extreme promise by the end of 2021.
Will Things Be Big for BTC?
Still, others continue to believe that bitcoin has the power to do great things in the coming year. Katie Stockton – founder and manager of Fairlead Strategies – explained that granted bitcoin can move past the $10,000 mark, a serious bull run could be in its future. She states:
A breakout above that level would target the 2019 high ($13,852), so would be a major bullish development for bitcoin. Intermediate-term momentum is positive, and there seems to be a growing appetite for risk in the broader market, supporting an eventual breakout.
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