Many best cryptocurrency news sites report about the rise of Bitcoin and the BTC price, as well as the main fundamentals which drive it. Aside from the fact that even Bitcoin bears are aiming at new highs for the dominant cryptocurrency in 2020, a CNBC host predicted a very wild surge of near 500 percent for Bitcoin – by next May.
We are talking about the newly minted “friend of crypto” and host of the CNBC Squawk Box show Joe Kernen, who noted the possibility of the BTC/USD pair hitting $55,000 in just 10 months. According to him and his discussion with Katie Stockton, Bitcoin can reach this number by May 2020 as the charts show.
Will bitcoin reach $55k by May 2020? @JoeSquawk discusses #btc with @StocktonKatie pic.twitter.com/r1b5rNhX1s
— Squawk Box (@SquawkCNBC) July 29, 2019
The argument that Kernen was referencing is based around the supply and demand dynamic in Bitcoin’s protocol. As the CNBC host said, by cutting the number of BTC awarded per block in half every four years, the amount of new BTC entering the circulation will be sharply reduced. This is why 2020 may see the inflation rate drop from 12.5 BTC per block to just 6.25 BTC.
The CNBC host also said that this will naturally make it more expensive to mine Bitcoin – as well as other things – which it why it may bolster the BTC price. In the coming altcoin news, analysts expect to see gains on other cryptocurrencies too, mainly driven by this growth.
When looking at the Bitcoin prices today, it is clear that a holding pattern has set in. Most of the market’s euphoria has been driven out following the verbal crackdown on Libra by the government – a hot topic in the latest cryptocurrency news. However, bulls will remain hopeful as the crucial ,000 level holds.
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A sustained move below this mark will flip the script and suggest new possibilities.
Many people in the financial markets are cheering the CNBC host and his statement. Barry Silbert is one of them, and there were a lot of fans cheering for the recently crowned “Bitcoin Joe.” Knowing that CNBC’s Squawkbox is a high-profile platform, Kernen’s attention to the correlation of supply and demand dynamics to BTC charts is definitely a breath of fresh air.
https://twitter.com/barrysilbert/status/1155824177540141057
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