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CNBC Crypto Friend Joe Kernan just claimed on national television, providing decent evidence that the number one cryptocurrency could surge up to 500 percent by next May. In the latest cryptocurrency news today we take a closer look into his predictions.

There is a clear sign of improving comprehension about the fundamentals that are driving the bitcoin price and since the upcoming halving event is expected to boost the price, the CNBC crypto friend noted that Bitcoin has a possibility of reaching $55,000 in just 10 months. The argument that Kernen provided was based around the supply and demand dynamics in bitcoin’s protocol. By cutting the number of BTC block awards per block in half every four years, the new bitcoin amount that enters into the circulation was sharply reduced. If this is the case, 2020 will see the inflation rate drop from 12.5 BTC per block to only 6.25 BTC. This will make it more expensive to mine bitcoin and other things equal and will even bolster the BTC price.

The bitcoin price surged more than ten times higher in the aftermath of the last halving in 2016 so it is easy to consider how this time could be equally dramatic since it is apparent that a holding pattern has set in. Some of the euphorias on the market has been driven out by the government’s verbal crackdown on Libra but the bulls are still hopeful as long as the $9,000 level manages to hold. The sustained move below this mark could flip the script and would suggest another crackdown on that side.

Usually, when a prominent individual like Joe Kernan gives such a bold and bullish argument for bitcoin, the crypto Twitter community won’t be far behind rooting for his predictions to come true. His prediction became very popular and there was the expected fanfare for the newly crowned CNBC Crypto Friend as Bitcoin Joe. As noted in the coming altcoin news, his colleagues don’t seem to share his opinion since by looking on their faces when he gave the statement, they were shocked to hear what he had to say.