For all the positive remarks and predictions that have emerged as of late for bitcoin, one figure is suggesting that the currency is about to come crashing down within the next two years. Crypto trader and analyst “Crypto Whale” on Twitter announced that he sees the asset’s price falling to a measly $2,000 by the end of the year.
Crypto Whale: The End of 2020 Won’t Be Good for BTC
Crypto Whale has introduced his followers to what he’s calling the Fermions Flow (FF) Whale Model, which allegedly predicts where bitcoin’s price will go in the coming years. According to the analyst, the model is suggesting that bitcoin’s current bull run will fully bottom out by the time traders are ready to say hello to 2021, causing bitcoin to lose approximately three-quarters of its value by then.
Crypto Whale says he’s been working on the development of this model over the past six years. Despite the gloom-and-doom nature of his current prediction, there does appear to be a positive side. He claims that this bottoming out to $2,000 per unit will ultimately see BTC begin an entirely new bull run that will ultimately take it as high as $24K by the year 2024.
The analyst has since released a 27-page report detailing how his model works. He also claims that his model has predicted every major bitcoin maneuver over the past two years.
Crypto Whale’s prediction goes against a lot of the bullish sentiment that has surrounded bitcoin over the past month following its third halving, which occurred on May 12. Block rewards for miners of bitcoin were ultimately reduced from 12.5 BTC – where they had been for the past four years – to 6.25 BTC. They’ll remain here until the year 2024, when the fourth halving will occur and potentially reduce mining rewards to just over three BTC units per bitcoin block.
This Goes Against Many Other Predictions
Among the figures believing bitcoin will hit new highs this year are Danny Scott, the chief executive of Coin Corner, a cryptocurrency exchange platform in the U.K.’s Isle of Man. Back in April, he predicted that bitcoin would reach its all-time high of roughly $20,000 again within the next few months, saying:
The current unexpected global crisis and a number of notable events in bitcoin’s pipeline over the next nine months is causing speculation throughout the industry that another bull run is on the horizon, and I believe that we can only expect the price of bitcoin to continue in the direction that everything is currently pointing potentially towards that $20,000 figure and beyond.
One of the biggest bull predictions for BTC came from computer scientist Hal Finney, who back in 2009, claimed that one unit of BTC could potentially reach $10 million granted it became the primary payment system across the globe.