There is only a 7% chance that Bitcoin will surpass the $20,000 USD valuation milestone by the end of 2019, according to data published by Skew[1].
It’s been a pretty hectic year for BTC, which has seen its value swing from around the $3,800 USD mark at the beginning of the year to as high as nearly $13,000 USD in July. The summer months have seen the wildest fluctuations, with valuation jumping over 20% in the space of a few days. The $10,000 USD mark is seen as a major psychological milestone for the cryptocurrency, as is $20,000 USD, which we may see BTC hit at some point in the near future.
However, October promises to be a watershed moment as the US Securities and Exchanges Commission (SEC) is set to announce its decision on whether or not it has approved three Bitcoin Exchange-Traded Fund applications. Interestingly, Skew’s report is more pessimistic than many others with crypto trader and analyst Murad Mahmudov tweeting “~10K is the new ~6K, but instead of breaking down it will hold and start grinding UP. You heard it here first.” Bitcoin’s market dominance hit new highs last week[2], so perhaps this optimism is justified.
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Another, considerably more bullish outlook for BTC came from Pantera Capital CEO Dan Morehead, who said in July, “[Our forecast] put Bitcoin at $42,000 at the end of 2019, which I know sounds crazy but essentially, we’re halfway back there. It’s right on the trend line, and I think it’s a good shot that by the end of the year, we hit that.” While that does sound like a very optimistic view, and very
