2020 Bitcoin Halving Will Push Prices To $60,000 Says Bobby Lee

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Quote from: El duderino_ on August 27, 2018, 06:08:06 PM

Quote from: LFC_Bitcoin on August 27, 2018, 04:33:52 AM

I really fucking hope that prediction comes true, it’d fulfill all of my dreams.

The halving is the 1 date pinned on you’re agenda isn’t iT Cheesy

I believe the halving is the most awaited event for most Bitcoin users Wink

I expect the price to double and drive up with it many cryptocurrencies but $60,000 is a high expectation limit in my opinion but who knows

El duderino_

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Quote from: LFC_Bitcoin on August 27, 2018, 04:33:52 AM

I really fucking hope that prediction comes true, it’d fulfill all of my dreams.

The halving is the 1 date pinned on you’re agenda isn’t iT Cheesy

I think overall we are all very bullish When iT comes down to the next halving

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Quote from: Tcpark on August 27, 2018, 12:30:06 PM

If i'm not mistaken John Maccartny was saying that bitcoin will cost 1000000$ by 2020..) Do you remember it?

He said that would be down to the dollar's value collapsing against it, not it being worth that in current buying power, which is a slightly silly idea at this stage of the game. Give it a decade or century or two then it might start to happen.

exstasie

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Quote from: hoaryal1 on August 27, 2018, 04:14:42 AM

Bobby Lee is of the view that BTC’s price will hit $60,000 by the next Bitcoin halving, which is slated to happen in 2020.

At least he's smart enough to make a 2020 prediction, unlike the Tom Lees of the world. Time is on his side, even if this ends up being a long term bear market like 2014-2015.

Quite a lot can happen in two years, especially as we head into another block subsidy halving. I actually think $60,000 is quite a low target if we enter another bubble. We've got to think exponential! I think the next wave of adoption will see 6-figure prices, or more.....

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If i'm not mistaken John Maccartny was saying that bitcoin will cost 1000000$ by 2020..) Do you remember it?

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Quote from: Indamuck on August 27, 2018, 07:24:22 AM

60k is a tame prediction considering John Mcafee is calling for a 500k bitcoin. What a lot of people don't understand in the bitcoin can be broken down into many different units. It's intimidating for a new crypto investor to spend so much on just "one" coin but it can be broken down into smaller units such as mbtc which make a lot more sense to the public.

Last time I checked, unless McAfee has back peddled and has divided in half his prediction, it was pretty much $1 million by 2020, limit being the night of December 31th. I am inclined to believe $60,000 is indeed insanely low. It seems people have forgotten how fast it took for BTC to go from $6k to $20k. This market is god damn tiny, it just takes a couple whales to diversify their portfolios and we will be at $250,000 pretty damn fast.

Add in the fact that by the next halving an ETF will most likely be allowed by the SEC and you have the ingredients for a massive bull run and god knows where it peaks next time. You don't want to be caught holding now coins by then, so might as well start buying right now. Who cares if the bottom is $6k, $4k or $1k, just buy the damn dip or you will be sorry, that is my general advice.

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Quote from: Theb on August 27, 2018, 10:50:18 AM

Quote from the article provided :

Quote

He pointed out that if Bitcoin miners use up $54 million worth of electricity a day, the cryptocurrency could reach the $60,000 mark easily.

I don't know what formula he use to come up with that 60,000$ prediction as he is calling it "simple math" but I am not buying what he is predicting. Let us remember it is another halving on going and the block rewards will go down to 6.25 from 12.5 and if they are miners still mining now (at the current price point) I think the only price expectation we can achieve is the price going back above around 10,000$ to its ATH, anything more than that is something only believable in a man's fantasy. What he simply said is not a prediction backed with "simple math" it is a prediction just to hype up the market participants.

most of the bitcoin price predictions that i have seen are like a reverse engineering thing. in other words they first come up with a number (it can be higher for a moon rise or a lower for a drop to oblivion) and then they start coming up with reasons to explain why that is.
in case of electricity usage there is no way humanly possibly to measure it because of the wide range of electricity cost all around the world from less than 1 cent up to 20 cents per kWh and possibly more.

i also disagree with the last part. bitcoin is not yet at its mass adoption stage so it is reasonable assumption that this price is way below the final price that it can have. $10k will look like what $100 looks like to us now. and it is not fantasy!

fabiorem

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This is too small. The halvening should push it to $100k at the minimum. This would allow people to buy lots of things and move the industry, specially in underdeveloped countries. Unfortunatelly, these speculators from Wall Street dont like capitalism, they prefer socialism, where people are poor and, therefore, more servile.

gentlemand

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The more in the bag it seems the less likely it is and figures in this ball park by then almost seem inevitable in many minds.

I'm going to guess that the price by then will either be shockingly lower or shockingly higher than expected. There won't be a middle ground. Is 60 grand shocking enough? Not no more.

Btchunter3333

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I also think bitcoin will reach 60000$ and much more in 2020 or even before of this. I also think bitcoin will grow a lot after ETF approved which can happen in September.

Theb

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Quote from the article provided :

Quote

He pointed out that if Bitcoin miners use up $54 million worth of electricity a day, the cryptocurrency could reach the $60,000 mark easily.

I don't know what formula he use to come up with that 60,000$ prediction as he is calling it "simple math" but I am not buying what he is predicting. Let us remember it is another halving on going and the block rewards will go down to 6.25 from 12.5 and if they are miners still mining now (at the current price point) I think the only price expectation we can achieve is the price going back above around 10,000$ to its ATH, anything more than that is something only believable in a man's fantasy. What he simply said is not a prediction backed with "simple math" it is a prediction just to hype up the market participants.

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Quote from: 1Referee on August 27, 2018, 10:24:45 AM

Please, these bullish predictions are just tiresome, regardless of how realistic or unrealistic they are.

Tiresome to us because we're used to reading these kind of predictions pretty much on a daily basis, but to the average joe looking to make an invesment in BTC and has no idea whether it's an unrealistic or realistic prediction, it could be the trigger they needed to go for it and buy Bitcoin.

Realistic or not, I honestly appreciate these kind of predictions, especially in the current market conditions where we need some news that can trigger a bit of buying pressure to keep the uptrend going.

1Referee

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Please, these bullish predictions are just tiresome, regardless of how realistic or unrealistic they are.

The last thing we need is more high level Bitcoiners throw around with +$50,000 predictions. It seriously only works against everyone here, especially with how it significantly slows down the process of bottoming out.

People need to focus on actual use, because if you're only here to hop from a far away event to another far away event, your stay here is boring and an utter waste of time. That's exactly why you see a lot people here complain about the bearish market conditions. It's not the market's fault that people get bored. Stop complaining and be productive.

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Quote from: zazarb on August 27, 2018, 06:16:56 AM

Seems that this prediction could happen, but I am not sure for the price, this price looks too big. There should be many positive changes in the world for Bitcoin that this price would be real, but anything could happen.

I think this is very likely to happen in 2020. The adoption for Bitcoin will only continue to grow until then, there is no reason for it not to. Then once the halving occurs, any miners that have been selling their Bitcoins will now have half as many to sell. Increased demand with fewer coins hitting the market = price rise. But not only that, the halving itself will generate so much hype, that a pump on hype alone is inevitable.

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Quote from: Indamuck on August 27, 2018, 07:24:22 AM

60k is a tame prediction considering John Mcafee is calling for a 500k bitcoin. What a lot of people don't understand in the bitcoin can be broken down into many different units. It's intimidating for a new crypto investor to spend so much on just "one" coin but it can be broken down into smaller units such as mbtc which make a lot more sense to the public.

John McAfee is full of shit, and whatever he says should be taken with a grain of salt. that is how the community should always treat someone who advertises ICO scams to earn money on his twitter ($100k per tweet?)!!!

as for the smaller units i believe majority of people do understand that but some love to pretend they are dumb Cheesy

buwaytress

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Great. I just need to take out a loan, pay off the interest and hold out two years to see my initial investment multiple by 8 times, even after nett interest payment deductions. Great plan!

- said hundreds of people in 2017 when Expert X or McAfee made expert analyses of Bitcoin's price in 2020.

Jokes aside, actually any plan to buy between now and genesis is probably a good idea in the long term. Who knows what the reason(s) will be, who can predict how miners will react, users and markets, investors and merchants... but while every halving's been normally priced in way before the date itself, I have a feeling this particular 2020 halving will be the one Bitcoiners will be most aware of. From the actual users to the casual collector and big bag investors.

That collective awareness and miner presence by then will have to sell Bitcoin at premiums.

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Quote from: Pursuer on August 27, 2018, 07:33:53 AM

seems like $60,000 is more like the safest bet that you could make as a predictor that has a high chance of coming true. otherwise it is such a low prediction for such a long time into the future. right now we are already near the bottom of the price and although there may be drops but it is basically the bottom. so we can not expect the price to stay here unless some series of unexpected events happen.
with that said the rise can start and with it the price will already be at $60k in a year if things don't go wrong. and by the halving which is in 2020 we are already above that mark and rising more. so the result may be somewhere around $100k after it.

Price prediction based only on halving is not something what should be taken too seriously, but if we read some of Bobby Lee tweets, there are some things that need to be considered. Actually he wants to say that if cost of mining electricity per day reach 54$ million (now is 12$ million), this should push price up to 60k$ or even more - this is based on growth of hash power and 50% less reward per block. Also key element is demand for BTC in next two years, if there is no demand or it is very low then halving becomes quite irrelevant.

I am not sure that next 2020 halving can have impact on the price before it actually happens, maybe psychologically can cause some price increase - but based on last halving it is possible that the real effects will only be seen in the post-halving period.

Pursuer

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seems like $60,000 is more like the safest bet that you could make as a predictor that has a high chance of coming true. otherwise it is such a low prediction for such a long time into the future. right now we are already near the bottom of the price and although there may be drops but it is basically the bottom. so we can not expect the price to stay here unless some series of unexpected events happen.
with that said the rise can start and with it the price will already be at $60k in a year if things don't go wrong. and by the halving which is in 2020 we are already above that mark and rising more. so the result may be somewhere around $100k after it.

Indamuck

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60k is a tame prediction considering John Mcafee is calling for a 500k bitcoin. What a lot of people don't understand in the bitcoin can be broken down into many different units. It's intimidating for a new crypto investor to spend so much on just "one" coin but it can be broken down into smaller units such as mbtc which make a lot more sense to the public.

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Seems that this prediction could happen, but I am not sure for the price, this price looks too big. There should be many positive changes in the world for Bitcoin that this price would be real, but anything could happen.

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