Making predictions can be a difficult task in life. But predicting the closing price of an asset as volatile as Bitcoin in 2020 is near to impossible.
2020 has been an interesting one for the world’s foremost cryptocurrency. Earlier in the year, the planet effectively shut down due to a major health crisis. Then, on May 11, Bitcoin’s “halving” went down with more of a whimper than a thud.
But more importantly, the unprecedented shutdown of 2020 has affected everything around us, including Bitcoin. In early March, the price of BTC fell to around $4,000 but quickly began to rise. At the time of writing, the price of Bitcoin is making steady gains towards $10,000.
Looking a little further into the future, it is hard to determine just how much Bitcoin can grow by the end of the year. But with our top novelty betting sites offering odds for those interested in betting on Bitcoin’s 2020 closing price, I thought it would be worth taking a very quick look at them.
Remember that this is just for fun, and there is no financial or trading advice whatsoever in this article.
Time to dust off your crystal ball…
Odds on Bitcoin’s 2020 Closing Price
The odds below come courtesy of Betway. These prices are accurate at the time of writing but subject to change.
$1,000 – $4,999.99+250
$5,000 – $7,499.99+275
$7,500 – $9,999.99+500
$10,000 – $14,999.99+1200
$20,000 or Over+700
As you can see, there are some fairly self-explanatory odds above.
The projection with the smallest odds is that Bitcoin will close at somewhere between $1,000 – $4,999.99 (+250) at the end of 2020.
The cryptocurrency hit its highest-ever price of $19,783 on December 17, 2017, having started the year at around $1000. Naturally, this was massive global news and led to a huge shift in the public’s perception of the cryptocurrency.
But could something similar happen in 2020? According to the market above, the odds of Bitcoin closing at $20000 or over at the end of 2020 are +700. The bookmaker believes that there is more chance of this scenario happening than it dropping to under $1,000 (+800) or falling anywhere between $10,000 – $14,999.99 (+1200).
The Immediate Effect of 2020’s Halving Event
Bitcoin’s 2020 halving event on May 11 was widespread news. As such, it was no major shock to see a timid response to the halving, given that it had been factored in by the market.
If you are unfamiliar with the halving event, this is not something new. In fact, this process happens every 210,00 blocks, which is roughly around once every four years. The halving brings down the rate at which Bitcoins are produced, effectively reducing the Bitcoin that miners receive for verifying a transaction by 50%.
Bitcoin’s creator, Satoshi Nakamoto, wrote a “halving” code into the cryptocurrency for the purpose of controlling inflation of the cryptocurrency. The process has previously taken place in November 2012, July 2016, and is scheduled to happen next in May 2024.
Despite a huge sell-off from March to early May, there was a considerable rise that has taken the price of Bitcoin back up towards $10,000 at the time of writing. This can be attributed to bullish speculation that created a grab of coins ahead of the halving event.
But there was no bump in price to reward that speculation after the halving, much to the chagrin of both small- and large-scale investors.
When you factor in the likelihood of miners who use older machines selling off their holdings due to a lack of profit, this could further add to bearish pressure around Bitcoin. If that happens, we could naturally see a price drop.
At the time of writing, $220 million in Bitcoin has left the exchanges. The big question revolves around if holders have a mistrust of exchanges or consider it exclusively as a store of value.
It is also worth noting that the number of active daily addresses has gone past the one million mark for just the third time, and there has also been a significant increase in new addresses.
What Price Will Bitcoin Close at in 2020?
Your guess is as good as mine, his, hers, theirs, and pretty much every other sentient being on this planet.
A quick search for “Bitcoin predictions in 2020” on your internet browser will lead you to a torrent of predictions from investors and rogue amateurs alike. You can study technical analysis or adopt a wide range of methodologies, but what it comes down to is this — predicting the price of Bitcoin at the end of 2020 will be a guessing game.
Bitcoin, unlike fiat currencies, is not tangible. It is an open-source, peer-to-peer network that relies on a number of factors that determine its rise or fall.
In other words, I can’t give you a prediction on whether Bitcoin will fall to under $1,000 or rise above $20,000 by the end of the year.
But hey, it’s always fun to speculate, right?
By all means, you might know something I don’t. If that’s the case, help yourself to the odds above!
My Closing Words
I have no idea what price Bitcoin will close at in 2020, and I’m not the only one. After all, if it was that easy to predict the rises and falls where the world’s foremost cryptocurrency is concerned, you wouldn’t be reading this right now.
But it’s worth considering that 2020 has been a crazy year for pretty much everything, including Bitcoin. And while putting a few dollars or pounds down on the market above is fun, making serious moves with Bitcoin is going to be challenging at best.
Adam is a sports writer and tipster with a strong background in MMA and boxing.
A self-confessed sports fanatic, when Adam is not watching and writing about rugby, soccer, Gaelic Games, and F1, he can often be found working on methods and strategies to beat the bookies.
For his troubles, Adam is a big fan of Leinster Rugby, Glasgow Celtic, and trusting the process.