The Business Of Bitcoin Mining (& Why It’s So Difficult)
Bitcoin has almost no chance to grow to $ 20,000 in 2020
Bitcoin almost lost hope of price recovery to all-time highs in 2020
The prevailing negative factors only worsened the position of bitcoin in the market
Skepticism Still Prevails Among Cryptocurrency Traders
The percentage probability of whether Bitcoin will be able to return to its absolute records in 2020 has become known.
Bitcoin is hibernating again. At least this is evidenced by the forecast of the analytical firm skew. According to the study, the probability that Bitcoin can reach the $ 20,000 mark by December 2020 is no more than 4%..
Market probability of bitcoin at new all-time-high for year-end = 4%
i.e BTC > $ 20k on 25th of December 2020 pic.twitter.com/TsJDJwU6gz
– skew (@skewdotcom) March 29, 2020
At the same time, the probability that the price of bitcoin will fall back to $ 5,000 is over 90%..
Skew’s Bitcoin price prediction, according to the firm itself, is based on the Black-Scholes option pricing model.
In traditional economics, this model is used to value various securities and capital of business structures..
At the time of this writing, the price of BTC / USD is trading at $ 6144.
However, some were confused by this forecast, since skew presumably did not take into account the upcoming halving Bitcoin halving cuts the number of new coins created and earned by miners in half. This happens approximately every four years and … More Bitcoin, which will happen in early May.
Has the market not heard of the halving?!
– Zack Voell (@zackvoell) March 29, 2020
Hope for halving
At the same time, some believe that now the information field is filled precisely with news related to the coronavirus pandemic, from which more than 30,000 people have already died, and over 680,000 people have been infected worldwide..
Now, some expect that after the halving occurs, the price of bitcoin will drop even lower, since cutting the reward to cryptocurrency miners, who are already suffering losses due to the unprofitability of mining at the current price of bitcoin, will lead to the closure of mining centers, which will entail an even bigger wave of skepticism.
By the way, there are still doubts in the cryptocurrency market that Bitcoin, like the entire cryptocurrency market, will be able to quickly move into growth in the near-medium term..
IMF statements about a global recession, crisis preconditions around the world and a potential oil war, which could begin in April, will plunge the cryptocurrency market into chaos.
Stepping on “uncharted land”, Bitcoin can fall to the bottom, which many did not even suspect, making possible a theoretical collapse of up to $ 0.
Many influencers and heads of leading cryptocurrency companies seem to be doing everything possible to prevent the cryptocurrency market from plunging into another “crypto winter”, but with each new day the situation is outweighed not in their favor.
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