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

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'.