The bitcoin price is unlikely to exceed $40,000 in 2019, says crypto enthusiast Trace Mayer. But it may overtop the record of 2017.
In the Bitcoin Knowledge podcast, Trace Mayer discussed the latest growth of bitcoin which exceeded $11,000 lately and suggested that bitcoin could overcome $20,000 by the end of the year.
According to Mayer, the current trend of the bitcoin price could lead to $21,000. And this is the fair value of the first cryptocurrency in 2019.
“...Very low probability of $40k in a few months,” Mayer summarized.
Calculating bitcoin's fair price, Mayer applied a multiplier obtained by dividing the current bitcoin price by its 200-day moving average. Currently, the metric stands at 2.09, and the likelihood that bitcoin will jump to $40,000 in 2019 is only 14.79%.
Mayer does not exclude that bitcoin could rise in price in 2019 to $30,500, but this will be a clear overvaluation, and the price will be adjusted for sure.
Bitcoin growth will continue in 2020, with halvening scheduled for June 2020.