A panel of experts is predicting the price of bitcoin will rise to $10,337 by September before adding a further $2,611 to end the year at $12,948.
The findings are drawn from a Finder Cryptocurrency Predictions Report for July 2020 and the latest figure is roughly $2,500 less than the price predicted in the April report.
In the report, 28 panellists drawn from academia, crypto research firms, and hedge funds are also asked to give their sentiments about bitcoin.
Some 50% of those surveyed believe now is the best time to buy bitcoin.
According to the findings, “half of the panellists (50%) thinks now is the time to buy, with a little under a third (32%) suggesting holding.” Only 18% say now is the best time to sell. Gavin Smith, general partner at Panxora, is one of the few dissenting panellists. He thinks now is the best time to sell.
While agreeing with the long-term inflation outlook, Smith does point out that the global economy has been hit by “a negative demand shock caused by covid-19.”
This hit is a strong enough basis for a “short-term significant decline in the value of bitcoin as the deflationary demand shock filters through.”
Smith’s prediction for the end of year value for bitcoin of $7,000 sharply contrasts with the panel’s average prediction.
In the meantime, bitcoin’s value appears to have stabilized above $9,000 since the halving. It has only breached the $10,000 mark a few times despite some bullish predictions.
Where do you think the price of bitcoin is going in 2020? Leave your comments below.
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