RATE Group | Bears Battle Bulls at $7000: Where Will Bitcoin Price Go From Here?
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Bears Battle Bulls at $7000: Where Will Bitcoin Price Go From Here?

05 Aug Bears Battle Bulls at $7000: Where Will Bitcoin Price Go From Here?

Posted at 20:05h in Bitcoin News by

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As Bitcoin price (BTC) continues to trade in the red, losing roughly around 15 percent of its value over the last week, two econometric models forecast either a very bright future or particularly hard times ahead.

Economics Professor at Columbia University Panos Mourdoukoutas and one of his students turn to econometric models to forecast the price of the world’s largest cryptocurrency in 2020. The two models they used picture two completely opposite potential outcomes.

Bitcoin Price LIVE: Bullrun in Cards As ETF HYPE Fuels Unprecedented RISE

The Bulls

According to Adam Haye’s model, Bitcoin 00 will reach a price of $55,931.60 by the end of 2020. The bullish forecast is predicated on the supply of the cryptocurrency. Mining is expected to grow at a slower pace as we are getting closer to the 21 million cap. While it’s not a match for John McAfee’s famous prediction of Bitcoin reaching $500,000 by 2020, this is still a massive increase from where the currency is trading at right now.

There are now less than 4 million bitcoins left to mine….

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