We all have heard this phrase that “Bitcoin moon or moon bitcoin” but what is it exactly?
Bitcoin moon is the phrase that is used by many Bitcoin traders and investors to predict Bitcoin’s future price and its new all-time high. Some say it will be $100k by 2020, some say it will be $1 million within a few years.
One of these Bitcoin maximalists is cryptocurrency enthusiast and antivirus software legend, John McAfee,
McAfee wrote on July 15 that,
“Bitcoin is at the mid 10’s and people worry. LMFAO!! Why do you pay attention to weekly fluctuations? Look at the past few months FFS! It’s rising drastically. I’m still positive about my $1 mil BTC price by the end of 2020. Altcoins like MTC and Apollo will rise ten times more.”
He also tweeted
This was just an assumption from a cryptocurrency enthusiast, but let’s talk about technicality behind ‘Bitcoin moon’ is it even possible? How far can Bitcoin go?
- Bitcoin moon technical predictions.
For technical predictions or analysis what people are looking is basically, “CAN WE PREDICT THE FUTURE BY LOOKING TO THE PAST?” Every technical analyst finding the answer to that question. But let’s look at the past.
If we analyze December 2017 bull run, We can see that back then Bitcoin went 12000$ to 19000$ in just 11 Days. But isn’t that not seeing the big picture? Not able to see the crash from 19000$?
It becomes more interesting we look to the previous ATH and crash from December 2013 to January 2015.
From ATH (All-Time High) to bottom on both occasions took around a year, and crashed about 85% off Bitcoin price. But, the bounce-back rally has been a lot quicker this time. In 2015 bottom, it took around 18 months for Bitcoin to regain half of the 85% of value lost. Another 18 months after that, we hit a new ATH of about 17x the value of its December 2013 price.
But this time in 2018, it has taken just 191 days to recover 50% of 2018’s bear market. So rather than $12k to $19k in 11 days, perhaps we should be looking at 17 times the value of December 2017’s ATH in around another 191 days?
So if we go back and assume “CAN WE PREDICT THE FUTURE BY LOOKING TO THE PAST?” and try to learn from the previous graphs and analysis then it would put Bitcoin price at around $333,000 by 1 Jan 2020.
This is how we can predict the bitcoin moon, There are many traders and influencers out there with their own analysis and Bitcoin moon price predictions. Trading in high volatility market like cryptocurrency is always a risk, especially if you get greedy and follow some imaginary number in search of Bitcoin moon.
There have also been many infamous predictions by famous crypto personalities. Here are some of the boldest predictions of when will Bitcoin moon and its projected price points:
#1 Tom Lee Bitcoin Price Prediction
Tom Lee, ex-Chief Equity Strategist JP Morgan, and Co-founder and head of research of Fundstrat, believes that the break-even cost of mining 1 BTC directly correlates with the price of the cryptocurrency. He believes BTC would grow as he is counting on more institutional investors taking on Bitcoin and a steady increase in Bitcoin user base. He recently said in an interview that US President Trump’s remarks could actually trigger a bull run.
#2 Sam Doctor Bitcoin Price Prediction
Sam Doctor tweeted recently that he believes that mining costs would reduce the BTC/USD price, and the breakeven cost growth can imply an increase of Bitcoin price to around $36,000 by the end of 2019.
#3 Fran Strajnar Bitcoin Price Prediction
Fran Strajnar comes up with a very optimistic prediction where he believes that BTC might reach $200,000 by January 2020. He believes that the rate of adoption is directly proportional to the price increase. The more the adoption rate, the more the increase in value.
#4 Bobby Lee Bitcoin Price Prediction
Bobby Lee, CEO of China’s first exchange- BTCC said before that it would take 20 years for BTC to reach $1 million. Now his prediction totally changed. Bobby Lee, the co-founder of BTCC(Hong Kong-based Bitcoin exchange) and the brother of Charlie Lee, Litecoin creator gave an extremely bullish prediction but started with bearish though. He claims Bitcoin might reach its all-time low in January 2019, reaching below $2500 and that Bitcoin might pick up from late 2020 and could reach $333,000 in 2021 and then fall down to $41,000 in 2023. He iterated that the market capital might reach $7 trillion, that might surpass the market cap of gold. He even mentioned that Bitcoin would lead to price stability and global liquidity in the coming years.
#5 John McAfee Bitcoin Price Prediction
John McAfee has been one of the stagnant Bitcoin enthusiasts, who now and then comes up with his prediction. He recently became more optimistic than ever and said that Bitcoin might reach 1 million USD by 2020. Other altcoins like Apollo and MTC might rise 10X more, as said by this BTC enthusiast.
#6 Anthony PomplianoBitcoin Price Prediction
Some months back, Anthony Pompliano, founder of Morgan Creek said that Bitcoin isn’t going anywhere. He stated that BTC might go as low as $3000, after which it will continue being bullish starting from 2019 and that happened likewise. He enunciated that there is no reason to freak out on the declining price as Bitcoin’s fundamentals are becoming stronger.
Even though Bitcoin has been experiencing frequent fluctuations, we believe that Bitcoin will soar up as per the predictions stated above. There are several reasons which led to Bitcoin’s price fall like Bitcoins being used for illicit purposes and so many past mishaps like hacking and thefts. Pros outperformed the cons, hence Bitcoin is still the market leader, bagging the number one position and maintaining its position. Bitcoin might reach the $23,500 mark supposedly by the end of 2019 as the year holds good prospect and development for BTC like NASDAQ launching BTC future, that too in the very beginning of 2019.
The information in the article is just for educational purposes, we don’t predict or provide future BTC price.