Just like any financial market, there are stakeholders who are bullish while there are some that are bearish. The co-founder of the BTCC exchange, Bobby Leem has been a long-term Bull and has always believed in Bitcoin and other digital currencies.

Bitcoin price to hit $60,000 by next halving

Bobby Lee is of the view that BTC’s price will hit $60,000 by the next Bitcoin halving, which is slated to happen in 2020. He tweeted that:

When #Bitcoin passes the USD $60,000 price level in the coming years, it‘ll reach a total circulation value of $1 Trillion. That will be a huge #milestone for $BTC, and it‘ll lead to more price stability, higher global liquidity, and even faster adoption worldwide. #VirtuousCycle

He made this prediction on Friday, August 24. Lee is fully confident that the Bitcoin price would surge to $60,000 in the coming years. In addition to that, Lee is of the view that Bitcoin’s total market cap will hit $1 trillion when that happens. He stated that:

That will be a huge #milestone for $BTC, and it‘ll lead to more price stability, higher global liquidity, and even faster adoption worldwide.

If the Bitcoin total market cap hits the $1 trillion mark as predicted by Lee, then it would serve to convince those against cryptocurrencies that Bitcoin and others do hold true value.

Even though predictions are just guesses, Lee is confident that it would happen in a few years.

Bitcoin flaws discussed by pessimists

While Lee was optimistic about the Bitcoin price surging in a few years, pessimists noted that his reasoning is shallow and vague. Lee, however, responded to those replies in a series of tweets that were meant to bring credence to his aforementioned prediction.

His first response was on Bitcoin mining and its next halving, noting his more than seven years’ experience in the crypto industry. He stated that:

When I started in 2011, daily global output (new BTC x price) was at $36,000. In 2015, this went to $1.8m. Today, we are at $12m. It means that globally, hashpower keeps going up, using up to $12m electricity costs.

Lee argued that so long as the Bitcoin Network’s hashrate continues to grow non-linearly in addition to the 2020’s block reward halving (900 BTC/Day), the price of the leading cryptocurrency is set to reach new heights.

He pointed out that if Bitcoin miners use up $54 million worth of electricity a day, the cryptocurrency could reach the $60,000 mark easily.

He further pointed out that everything still depends on the liquidity needs of the Bitcoin market. If BTC’s daily demand is above $54 million, then Bitcoin price would surge even above the $60,000 mark. He added that this forecast is just a case of simple arithmetic.

He tweeted that:

After next #BlockRewardHalving in Spring of 2020, new #Bitcoin output will drop again, to just 900 BTC/day. I predict #HashPower will continue to grow, with ever higher amounts of investment in mining (electricity costs). If that amount reaches $54m/day, we‘ll have $BTC at $60k.

He replied further that:

Another way to look at it: What will be the daily demand for new #Bitcoin coming into circulation? What will be the market #liquidity needs in 2020? If the answer is >$54 million/day, then $BTC Prices will be over USD $60,000 by then. Simple math. That’s my logic about prices.

In his predictions and analysis, Lee didn’t mention altcoins, thus it is yet unknown if he holds the same bullish predictions for the altcoins currently in the market. Maybe he might be bullish on a few.