Bitcoin Price Outlook: A recap of failed BTC/USD predictions in 2020

• Bitcoin is currently trading at $9,107, up 27% since the beginning of 2020.
• Many analysts have tried to predict the price of Bitcoin this year.

Many analysts and investors like to predict the price of Bitcoin in the future. For the most part, Bitcoin hasn’t moved a lot from its initial price in January. After the huge surge towards $10,000, BTC/USD crashed following the movement of the global stock market in reaction to the pandemic and has finally recovered to practically the same price it had in late-January.

Botched predictions in the first half of 2020

Starting with Timothy Peterson, manager of Cane Island Alternative Advisors and author of ‘Bitcoin spreads like a virus’ has stated that Bitcoin was close to $75,000 in a Tweet on June 8.

Unfortunately, Bitcoin was not weeks away from $75,000 and in fact, crashed three days later to $9,113 from the top of $9,992. 

Another popular analyst, Crypto Michael has stated that Bitcoin was on schedule to break $10,500 and continue towards $12,000. 

Although this prediction is far more conservative, Bitcoin failed to break above $10,000 several times already. 

Thomas Lee, one of the most infamous Bitcoin analysts, known for his past failed predictions stated that Bitcoin will see 197% gains on February 5 because of a break of the 200-MA.

Of course, as we all know, Bitcoin didn’t see a 197% price increase but rather a 40% crash on March 12 followed by a recovery to essentially the same price. An older prediction by Thomas Lee stated that Bitcoin will reach $91,000 by March 2020 based on Bitcoin's performance after market dips. Unfortunately, Bitcoin crashed towards $3,000 in March.

John McAfee, also quite infamous for his predictions, was also wrong as he predicted Bitcoin to reach $1 million by 2020. Although 2020 is not over, McAfee himself has stated that his prediction is actually 'nonsense'.