In a recent interview with Crypto Potato, Anthony Pompliano predicted that the price of bitcoin will reach $100,000 by the end of the next year. He believes that the halving event that is scheduled in May 2020 will pump the price of the leading cryptocurrency.
Bitcoin’s inflation rate will be cut in half.
Pompliano explained that bitcoin would see an important event known as halving, which would result in cutting down the number of coins issued per block to miners. This will also cause the bitcoin’s inflation rate to be cut in half. In the past bitcoin has surged following halving events, but not immediately after the event, it takes 3 to six months to see the rise in the price of bitcoin, according to several experts.
Pompliano is not the only one to make such predictions.
Bitcoin advocate and successful trader Tim Draper also predicted that the price of the bitcoin will hit $250,000 by 2022 or 2023. The well-known crypto analyst Peter Brandt also predicted that bitcoin could reach $100,000 by the end of the next year and will break its previous all-time high in the next bull run. At the time of writing bitcoin is changing hands at just above $7,300. The slump in the price of bitcoin coincided with the crackdown of China on crypto businesses in the country.