Predicting the price of Bitcoin (BTC) for the nearest future would be hard as the coin is very volatile in nature. Bitcoin didn’t set any specific price records last year except for the 42% surge in October. However, analysts still made some predictions of a Bitcoin 2020 price rise after halving.

Moreover, Bitcoin is the only cryptocurrency grabbing attention worldwide, fueling awareness and adoption at the same time. At present, it has gained acceptance by organizations and payment gateways all across the globe. The coin has also achieved new milestones such as the Bitcoin hash rate reaching an all-time high of 62 quintillions per second.

People often describe Bitcoin as “digital gold” for its distinguished role as a store of value. Some might think of it as an oversimplification. But, this simplification might also be helpful while understanding the most critical properties that give value to the coin.

Although the Bitcoin price is volatile, many enthusiasts believe in its long-term value. Therefore, an increasingly decentralized Bitcoin society perceives it as a long-term investment. Citizens of countries with distressed economies especially rely on Bitcoin as a safe-haven.

Bitcoin’s capped supply also contributes to its perceived value, similar to natural and limited resources like gold. Another contributor is Bitcoin mining, (mining here is just a metaphor for adding new blocks to the BTC blockchain) which can function like mining precious metals.

Even though the coin acts better than just a digital version of gold, the mentioned influences stick in the minds of novice adopters as well as hard-core Bitcoin enthusiasts equally.

When Bitcoin was created by the mysterious developer Satoshi Nakamoto in 2009, its price was less than a dollar. But in December 2017, Bitcoin’s price rose to almost $20,000. Then the following year, the price crashed back down to just over $3,000.

Despite all the bearish and bullish runs, Bitcoin has undoubtedly gained a lot of profit. In fact, the early buyers or miners of the coin have experienced a return of over 9,000,000%.

However, the price fluctuations of Bitcoin are driven by numerous factors. Sometimes, it is measured by various political events and comments by crypto influencers on social media. But, the 2020 price prediction may be influenced highly by the upcoming Bitcoin halving in May.

The most prominent factor behind Bitcoin’s skyrocketing price is the approaching halving event in May 2020. This halving happens every four years, reducing the block reward for miners by half. Bitcoin has a history of significant price hikes after each halving.

This year, experts predict that the halving may spark a bull market. The predicted price per Bitcoin by enthusiasts is over $50,000 and many investors are even convinced that this year’s halving can even help surpass the predicted price.

Different people are citing different price predictions for Bitcoin this year. But no one can guarantee that the price will touch its all-time high; everyone is simply predicting it based on past performances.

The question, “How profitable will Bitcoin be in 2020?” honestly remains equivalent to predictions about the weather. This uncertainty holds the power of Bitcoin in the crypto market.

Whether it’s a lack of trust by some country’s governments and financial system or merely because of new speculators entering the market, Bitcoin is in everyone’s talk around every corner of the world.

The future profit totally depends on the mindset of the investor. If an investor understands the value and use cases of Bitcoin, believes in the fundamentals of the underlying Blockchain technology then he could expect a profitable 2020 and beyond from the world’s foremost cryptocurrency Bitcoin.

The investor should analyze statistics from various Bitcoin trading sites before investing or formulating an investment strategy. Once that’s done, they will surely understand whether the coin will act as a piece of digital gold or a flash in the pan.

But, as per past halving events, and with a 9,000,000% rate of return, the coin will certainly be profitable in the future.

The Bitcoin enthusiasts predict the timing of the next Bitcoin price peak and say that it would be sometimes around 2023. By 2023, the Bitcoin price will touch an all-time high of $100,000. However, the prediction was based on the past price gains of the coin in December 2017.

The calculated price is purely hypothetical and only based on long term movements. Beginners in the crypto space should not get inspired by this prediction and ignore investing his hard-earned assets without having prior knowledge of the market.

Before you start investing, you should understand that Bitcoin is a very risky and volatile asset type. Its market price is extremely unstable, and you should treat even the most solid investments as having high risks involved.

Bitcoin is not an enterprise, bond or stock; it’s a currency. It would be a waste of money if you invest in Bitcoin without understanding what Bitcoin is. If you are a beginner, you should opt for the basic form of investing in Bitcoin, i.e. simply buying the coin.

Looking at the ever-increasing demand, anyone can invest in Bitcoin. The coin’s price is now trending at $6,829, and it might touch the $50000 mark after the halving event. So, this could indeed be the perfect time to invest in Bitcoin.