BTCC chief expects bitcoin’s price to reach $11K in 2020

BTCC chief expects bitcoin’s price to reach $11K in 2020

Bitcoin has yet to show any sign of dropping below its all-time highs, and if executives are to be believed, this trend will continue until 2020.

BTCC chief expects bitcoin’s price to reach $11K in 2020By that time, BTC China co-founder and CEO Bobby Lee expects the price of the popular digital currency to reach between $5,000 and $11,000. Lee, who frequently makes predictions about the bitcoin, tweeted early this week: “Bitcoin price target in 2020; after block halving: USD $5l-$11k assuming $5-$10 million daily flow into #BTC by then. (Today: $2m daily in).”

The entrepreneur also made a note that his “medium-term” price target for the digital currency is $5,600, which, incidentally, is also the number of his followers on Twitter. However, Lee pointed out that bitcoin’s daily inflow, currently between $5 million and $10 million, isn’t a lot, especially when compared to gold’s inflow of $340 million a day.

Lee’s bitcoin price predictions comes several days after BTC China, considered one of China’s ‘Big 3’ bitcoin exchanges, extended the suspension of bitcoin and litecoin withdrawals until March 15 while it upgrades its internal system and comply with the requirements recently set by the People’s Bank of China.

Aside from BTC China, Huobi and OKCoin also halted bitcoin and litecoin withdrawals while they undergo an upgrade to fight “money laundering, exchange, pyramid schemes and other illegal activities.”

Two other companies were also forced to make several changes following PBoC’s harsh warnings. This week, bitcoin mining company HaoBTC announced that it is closing its exchange operation “given the fact that the prospect of a regulatory policy for a bitcoin exchange isn’t clear yet,” while Shenzhen-based bitcoin marketplace BitKan said it will stop new registrations as the company upgrades its anti-money laundering checks.

Bitcoin hits new all-time high

Bitcoin has been enjoying its longest stretch above $1,000—a period that began in mid-February. Since then, the price of bitcoin has been pushing steadily higher, which analysts believe is a clear indication that the cryptocurrency is stabilizing at a new price point.

The digital currency hit a fresh all-time high on Tuesday, when it reached $1,200. But Wednesday saw the bitcoin price pulling back slightly from this level, trading at $1,195.23.