Bitcoin prices are predicted to increase from its current $10,000 up to $26,000 by May 2020 thanks to the recent Golden Cross even and upcoming Halving. What is the Golden Cross? What is Halving? And why do they impact Bitcoin prices so heavily?
It’s crazy to think that not that long ago that would be Bitcoin traders had the chance to buy the virtual coin for only $2500. Given the recent Golden Cross event, however, the already bullish outlook on the coin has given rise to speculation that it could spike within reaching distance of $30,000 per coin within a few months.
What Is The Golden Cross?
Much of the value of cryptocurrencies comes from user-trust, this trust is demonstrated by what is known in trading circles as Moving Averages (MA). In short Moving Averages are calculated by looking at the traded values of a cryptocurrency over a period time and checking if it is showing a general increase or decrease in value.
The Golden Cross is the point where a long term traded value increase is surpassed by a short-term traded value. And is seen as the beginning of a strong short-term growth curve.
For example if over 90-days a coin traded at a theoretical $1000 (its long term MA) but in the last 15 days it spiked to $1500 (it’s short term MA) the point where the short term MA met and then began to exceed the long term MA is called the Golden Cross.
$26,000 Projected By Halving
One of the reasons given for this bullish run on Bitcoin is how close we are to the event known as the Halving. This is where the reward for mining new Bitcoins is halved when this occurs, and demand remains constant, the net effect is the increased value of Bitcoin on the open market.
With the overwhelming interest in Bitcoin and the next Halving, which is expected in May 2020, Cointelegraph Markets analyst, Keith Wareing, has predicted prices as strong as $26,000 per coin.
While still bullish about Bitcoin, serial venture capitalist Mike Novogratz has tempered his predictions claiming prices upwards of $20,000 by the Halving.
Either way with the current Bitcoin market price sitting just north of $10,000 per coin even Novgratz’s more restrained growth projection aims to double the virtual coins current value!
With such strong projections for growth over the next 60 days if one were interested in getting into the crypto-market now could be considered a good time to do so. But as with everything only risk money on Bitcoin you can afford to lose.
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