Bitcoin price is experiencing an upward trend. Its growth is supported by various factors such as growing number of businesses are accepting bitcoin as a mode of payment, bitcoin ATMs, funds transfer and payment card. Continuous developments in blockchain technology provide new grounds for cryptocurrency.
Bitcoin current price is currently around US$ 7,100 with the market cap of US$ 130 billion. It is the leading currency in the crypto market and accounting for 55% market share in the cryptocurrency market. It reached its zenith at US$ 20,000 in 2017. Such an incredible rise surprised the financial world. Initially, it was assumed nothing more than crypto-bubble, but it is now transformed into a new form of money.
Cryptocurrency value is highly speculative. It is predicted that the bitcoin price in 2020 will go up to US$ 33,000 (price is predicted by taking an average of different forecasts). This upsurge in bitcoin price is assumed due to upcoming halving in May. It is anticipated that bitcoin price will come closer to US$ 10,000 in early 2020, then in between March and April bitcoin price can reach US$ 50,000 range and after halving in May, this price will be around US$ 33k at the end of the year.
Historically halving had a positive impact on bitcoin portfolio. The underlying theory is to half the existing bitcoin, implying that the number of bitcoin entering in the market will decrease, which then pull demand for bitcoin. The price will automatically go up when demand exceeds supply.
In 2012, the first halving increased the price of bitcoin from US$ 11 to US$ 1,100 in 2013, but then the bitcoin price returned to US$ 220. In the 2016 halving, the bitcoin price went up from US$ 230 to US$ 20,000 and plummet to $4000.
In retrospect, it can be assumed there is a correlation between halving and price rise. Besides halving, some other factors can also drive demand.
Having said, whatever analysts say, my opinion is that the price would not go beyond US$ 10k in 2020.