Once again, Bitcoin price has fallen below $10k per coin. The most significant digital asset by market cap has shocked investors within the past few months with rallies that saw the coin reach highs that has reached over $13,500 in value. The surge in price has ended in multiple discussions on Bitcoin’s future potential simply because it once again takes center stage.
The latest bullish opinion also comes in from Squawk Box’s Joe Kernen, who suggested that BTC price will surge to $55,000 by May 2020. Though many will dispute this thought, there are numerous prominent cryptocurrency figures aligned in such a sentiment.
Bitcoin Price to arrive $55k
During a Squawk Box interview earlier today with guest?Katie Stockton-the founder and managing partner at Fairlead Strategies-Kernan discussed the chance of Bitcoin hitting the $55,000 mark.
One possible impetus for this sort of astronomical climb often is the upcoming halving of Bitcoin, which is scheduled that occurs sometime in May 2020. Kernan reiterated the point that of this halving; that once it happens, miners?will receive 6.25 BTC per block as opposed to 12.5. So, he expects traders to obtain as much Bitcoin as feasible prior to the event, this also should see prices soar.
The halving was implemented into Bitcoin’s code by its creator Satoshi Nakamoto to make BTC a deflationary asset. The highest supply of Bitcoin is 21 million coins.
If Bitcoin would be to follow past trends, next the surge prior to halving is likely. Regardless of if the coin reaches $55,000 per coin remains another question entirely, however.
The?last halving passed off on July 9, 2019, on block 420,000. Once it occurred, the block reward fell 50%, from 25 BTC to the current level of 12.5 BTC. On this occasion, the halving was preceded by way of a sharp rally that began the month previously. Thereafter, Bitcoin did steadily climb to their all-time-high levels of $20,000 per coin in December. It remained as well level for a lot of weeks before tanking across 2019 .
Do you consider Bitcoin price can hit $55,000 per coin? Is this fact too ambitious, or thinking of on the side of this bull?