Bitcoin Will Hit $87,000 by November 2020, Predicts Anonymous User Who Called This Year's Rally

Francisco Memoria

An anonymous 4chan user who was spot on in his bitcoin price predictions so far this year, accurately hitting price targets, has predicted BTC will hit $87,000 in November of 2020.

As first reported by TrustNodes, the anonymous 4chan user accurately called that bitcoin bottomed out in December 2018 at $3,200, and also got right BTC would be trading at $5,300 in April.

He accurate predictions didn’t end there. The anonymous analyst predicted bitcoin would trade at $9,200 in July and came extremely close, as in the beginning of the month BTC dipped to about $9,500 before recovering.

4chan user's bitcoin price prediction

In the future, the 4chan user sees bitcoin hit $16,000 in October, and keep on rising to get to $29,000 in February of 2020. By November of that year, it’ll be at $87,000. He adds that then its market cap will be of $1.5 trillion, and its dominance will be between 40% and 46%, meaning the cryptocurrency space would have a market cap of well over $3 trillion.

At press time, bitcoin is trading at about $11,380, after rising from the dip earlier this month. The cryptocurrency’s recovery so far this year was notable, even though it’s still around 40% below its all-time high. In the chart, we can see the analyst got his predictions right so far.

Bitcoin's price over the last 6 months

Per the anonymous analyst “the charts never lie.” The model used seems to revolve around bitcoin’s price doubling every time it starts to rise. This pattern has, according to TrustNodes, been occurring since at least 2013.

His predictions would nevertheless line up with those of other prominent cryptocurrency analysts. Willy Woo, for example, has predicted bitcoin’s market cap will hit $1 trillion by 2025, while top technical analyst Carter Worth, who called bitcoin’s price would be at $10,000 in June, told CNBC viewers to enjoy bitcoin’s roller coaster ride to another breakout.

Bitcoin Goes Above $10K 15 Minutes After President Trump's Speech on Law and Order

Siamak Masnavi

At 23:05 UTC (or 19:05 EDT) on Monday (June 1), 15 minutes after President Donald Trump finished explaining (during a speech from the White House's Rose Garden) how he was going to stop the rioting and looting going on across the U.S., the price of Bitcoin surged above $10,000 for the first time since May 7.

According to the White House, President Trump started delivering his prepared statement at 22:43 UTC (or 18:43 EDT).

Here are a few highlights from this speech, which took place on the sixth day of riots across the U.S. following the death of George Floyd whilst under custody of Minneapolis police:

"All Americans were rightly sickened and revolted by the brutal death of George Floyd... But we cannot allow the righteous cries and peaceful protesters to be drowned out by an angry mob. 

"The biggest victims of the rioting are peace-loving citizens in our poorest communities, and as their President, I will fight to keep them safe.  I will fight to protect you.  I am your President of law and order, and an ally of all peaceful protesters...

"But in recent days, our nation has been gripped by professional anarchists, violent mobs, arsonists, looters, criminals, rioters, Antifa, and others...

"That is why I am taking immediate presidential action to stop the violence and restore security and safety in America.  I am mobilizing all available federal resources — civilian and military — to stop the rioting and looting, to end the destruction and arson, and to protect the rights of law-abiding Americans, including your Second Amendment rights...

"Today, I have strongly recommended to every governor to deploy the National Guard in sufficient numbers that we dominate the streets... 

"If a city or a state refuses to take the actions that are necessary to defend the life and property of their residents, then I will deploy the United States military and quickly solve the problem for them."

President Trump finished his speech at 22:50 UTC (or 18:50 EDT), which is when Bitcoin's price surge started; according to data from CryptoCompare, Bitcoin was trading around $9,718 at 22:50.

The Bitcoin price then spiked above $10K approximately 15 minutes after the President's speech ended and by 23:35 UTC (or 19:35 EDT), or 45 minutes after the speech finished, Bitcoin's price had reached $10,332, as you can see from the 24-hour BTC-USD price below:

BTC-USD 24 Hour Chart  on 2 Jun 2020.png

Here is how crypto-focused behavior analytics startup Santiment commented on Bitcoin's price action:

Finally, Santiment says that either FOMO (Fear of Missing Out) "kicks in now, or profit takers end up taking the safe route with the expectation of buying below $10,000 again."

As for the rest of the crypto market, 46 of the top 50 cryptoassets are currently (as of 06:30 UTC on June 2) in the green.

Here are a few examples:

ETH-USD 24 Hour Chart  on 2 Jun 2020.png

EOS-USD 24 Hour Chart  on 2 Jun 2020.png

OMG-USD 24 Hour Chart  on 2 Jun 2020.png

One cryptoasset that is worthy of a closer look is OMG Network, which was known as OmiseGo (OMG)  until yesterday, when a rebranding took place.

Below is the one-month OMG-USD price chart:

OMG-USD One Month Chart on 2 June 2020.png

As you can see, the OMG price started surging on May 14 following an announcement by crypto exchange Coinbase that OMG would soon be listed on Coinbase Pro, which is Coinbase's trading platform for experienced/professional traders. On May 19, OMG began trading on Coinbase Pro.

Then, yesterday, OMG Network published a press release from Bitfinex on its blog. This announcement stated that crypto exchange Bitfinex (which is owned by the same parent company as stablecoin issuer Tether) had integrated Tether (USDT) on OMG Network for faster and cheaper transactions:

"The integration of USDt onto the OMG Network will reduce confirmation times, make payments faster, and lowers transaction costs at the same level of security as Ethereum. The Bitfinex platform will enable USDt deposits and withdrawals on the OMG Network."

Vansa Chatikavanij, CEO at OMG Network. had this to say:

“Today, we’re excited to announce the launch of the OMG Network that supports thousands of transactions per second and reduces transaction costs to a third of Ethereum.

"We’re delighted to partner with Bitfinex to address blockchain’s scalability issues and drive further growth and adoption of open financial services.”

As crypto journalist/researcher Zack Voell later pointed out, this was Tether's eighth launch:

In the past one-month period, the OMG price has gone up 133.15% against USD.