Making predictions could be a hard task in life. But guessing the closing price of Bitcoin in 2020 is almost impossible. Yet placing bets on the closing market of Bitcoin before 2020 is on Sports Per Head online betting platform.
2020 has been an interesting one for the world’s leading cryptocurrency. Earlier this year, the planet shut down due to a pandemic.
The unprecedented lockown of 2020 has affected almost everything around us, including Bitcoin. In March, the price of BTC dropped to around $4,000 but swiftly began to rise. The price of Bitcoin is making steady gains towards $10,000.
Looking further into the future, it is difficult to determine just how much Bitcoin’s closing market for 2020. Sports Per Head Betting Site offers odds for those interested in betting on Bitcoin’s 2020 closing price.
Bitcoin’s Closing Price Betting Odds for 2020
Under $1,000 +800
$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 here, there are some fairly self-explanatory odds. The projection that has the smallest odds is that Bitcoin would close at somewhere between $1,000 – $4,999.99 +250 at the end of 2020.
The cryptocurrency hit its peak of $19,783 last December 17, 2017, having started the year at $1000. Naturally, this was a huge global news which led to a massive shift in the public’s view on cryptocurrency.
But could something like this happen in 2020? According to the market shown above, the odds of Bitcoin closing at $20000 or over at the end of 2020 is +700. The bookmaker trusts that there is more chance of this scenario happening than it falling anywhere between $10,000 – $14,999.99 (+1200) or dropping to under $1,000 (+800).
The Effect of 2020’s Bitcoin Value
Bitcoin’s 2020 halving event last May 11 was huge news. As such, it was no shock to see a timid response to the halving, provided that it had been factored in by the market.
If you are not with the halving event, this is not something new. In fact, this happens every 210,00 blocks, which is around once every four years. The halving brings down the frequency at which Bitcoins are produced, effectively decreasing the Bitcoin that miners obtain for verifying a transaction by 50%.
Bitcoin’s creator, Satoshi Nakamoto, made a “halving” code into the cryptocurrency for the intention of controlling inflation of the cryptocurrency. The process has previously taken place in November 2012, July 2016, and is scheduled to happen in May 2024.
Despite a huge sell-off from March to early May, there was a rise that has affected the price of Bitcoin back up towards $10,000. The blame could be on bullish speculation that made a grab of coins ahead of the halving event.
Even before the event on May 11, there was a speculation that the halving could lead to a drop in the price of Bitcoin over the next months. This is because of the halving process effectively doubling the cost of making the cryptocurrency.
When you include the likelihood of miners who use old machines selling off their holdings due to a lack of earnings, this could further add to pressure around Bitcoin. If that happens, we would see a price drop.
$220 million in Bitcoin has left the exchanges. The big question is if holders have a mistrust of exchanges or will consider it exclusively as a store of value.
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 rise in new addresses.
Bitcoin’s 2020 Closing Price?
A quick “Bitcoin predictions in 2020” search on Google will direct you to a plethora of predictions from investors and rogue amateurs. You could study technical analysis or learn a wide range of methodologies.Predicting the price of Bitcoin at the end of 2020 will still be a guessing game.
Bitcoin, unlike fiat currencies which are intangible, is not. It is a peer-to-peer, open-source network that determines its rise or fall based on a number of factors .
I cannot hand you a prediction on whether Bitcoin would fall to under $1,000 or go above $20,000 by the end of this year.
What price Bitcoin would close at in 2020 no one really knows. After all, if it was that simple to predict the rises and falls of the world’s foremost cryptocurrency is concerned, Reading this item would no longer be necessary.
But it is worth noting that 2020 has been a crazy year. And while putting a few pounds or dollars down on the market is fun, making serious transactions with Bitcoin is going to be challenging.
Sports Per Head will cover the odds presented in its sportsbooks. Please visit us at www.sportsperhead.com or call at (888)-684-2966.