Bobby Lee bitcoin prediction: Bitcoin price will reach $ 60.000. While the Chinese authorities again and again prohibit cryptocurrencies, and American regulators refuse to give green light to cryptocurrency ETFs, some well-known participants of cryptocurrency market continue to claim that by 2020 Bitcoin price can reach the level of $ 60,000.
Bobby Lee Bitcoin Prediction
Co-founder and former CEO of the oldest Chinese cryptocurrency exchange BTCC Bobby Lee is convinced that in the coming years the bitcoin price will reach $ 60,000 mark, while the market cap of the first cryptocurrency will reach $ 1 trillion.
Lee wrote in his Twitter blog:
“When Bitcoin passes the USD $60,000 price level in the coming years, it‘ll reach a total circulation value of $1 Trillion. That will be a huge milestone for BTC, and it‘ll lead to more price stability, higher global liquidity, and even faster adoption worldwide.”
Lee’ forecasts is based on his study of the state of the mining industry. So, the investor notes that due to the halving expected in the spring of 2020, the BTC emission rate will be reduced to 900 coins a day.
“After next BlockRewardHalving in Spring of 2020, new Bitcoin output will drop again, to just 900 BTC/day.
I predict HashPower will continue to grow, with ever higher amounts of investment in mining (electricity costs).
If that amount reaches $54m/day, we‘ll have BTC at $60k.”
The bitcoin price showed stability against the backdrop of the SEC refusal to launch Bitcoin ETF and the growth of the number of Bitcoin short positions within this week. Meanwhile, China tried to expand its last year ban and this time vetoed the holding of cryptocurrency events in one of the districts of Beijing and calling payment applications to fight against cryptocurrency over-the-counter trading.
Tom Lee Bitcoin Prediction
Tom Lee from Fundstrat Global, in turn, pointed to Bitcoin leading indicators, which, in his opinion, are necessary for a repeat of the scenario of the end of last year in the cryptocurrency market. He believes that the growth of emerging markets will be the key to the next bitcoin jump, as the growth and subsequent decline of the cryptocurrency market coincided with the similar behavior of the MSCI emerging markets index relative to the S & P 500.
In a conversation with CNBC, he noted: “So why do we think they’re connected? Well, there is two factors. The first is hedge funds — see hedge funds typically rent emerging market stocks. So they do risk-on, risk-off. So when they’re risk-off, Bitcoin also suffers because they are risk off. The second reason has to do with wealth effect. Wealth effect means that if you are living in an emerging market, and you see your stock market fall hugely, that you will have a lot less money to buy Bitcoin.”
We remind, earlier, Tom Lee expressed the opinion that by the end of the year the bitcoin price would reach $ 22,000.