Bitcoin Price Won't Hit $100K Despite Bull Market: Here's Why

KEY POINTS

Based on the previous halving events, Bitcoin did not go up until at least a year after the halving
Keith Wareing believes that predictions of a $100,000 Bitcoin by 2020 is unsubstantiated
2021 would be the likely timeline for BTC to go parabolic

Is there real merit to a $100,000 Bitcoin (BTC) prediction or are those who make these claims just not in tune with reality?

So far, Bitcoin in 2020 is nothing short of stellar. The downturn it went through during the second half of 2019 ended as soon as the new decade began. The most popular crypto is now eyeing the $10,000 ceiling at its current price of $9,372. But with this year being a halving year, there's an ongoing debate if it will follow the same path of bullishness as it did in the past. Keith Wareing, who contributes to Cointelegraph, doesn't think so.

Wareing throws water down on the $100,000 Bitcoin price expectations in 2020 by crypto YouTubers. Wareing, who is a crypto YouTuber himself, believes that these forecasts are unsubstantiated and continued by pointing out how Bitcoin went parabolic months after the halving.

Wareing's observation of how BTC's price accelerated is right there with Moe Adham of Forbes. Bitcoin's price was indeed up but not during the exact date of the halving, but at least a year after it. Wareing also noted that historically Bitcoin was significantly lower than its latest all-time high before the halving. So, to think that Bitcoin would climb to $100,000 this year, for Wareing, is unrealistic and 2021 would be a more sensible timeline for BTC to go parabolic.

This is in contrast with a prediction of the king of cryptos accelerating before the halving, as pointed out by Crypto Bull on Twitter. The two previous halvings boosted BTC's price to 5,333 percent, and if that is applied from the second to the next on in May, Crypto Bull sees BTC surging to $33,000 in July.

Wareing advised traders to look at BTC one week at a time. He highlighted bullish and bearish scenarios. Right now, Wareing sees heavy resistance in the $9,500 region, which is a crucial support and resistance level based on how price lingered in that area. With the mining difficulty playing a part in subsequent price increases for Bitcoin, Wareing expects the price to break out of this level and target $10,000.

The bearish scenario, on the other hand, would occur if BTC were to break $8,600 support.