Bitcoin Price Forecast: Heading Towards $120,000

Fred Thiel's Confident Prediction

Fred Thiel, Chairman and CEO of Marathon Digital Holdings, has forecasted that Bitcoin will reach $120,000. This prediction is based on Thiel's belief that Bitcoin is a "digital gold" that will continue to increase in value as more people adopt it.

Bitcoin Halving Progress Chart Explained

This chart shows Bitcoin's price in its current cycle compared to where it was during previous halvings. Halvings occur every four years and reduce the reward for mining Bitcoin, affecting supply and potentially increasing price.

Date | Block Reward --------------|-------------- May 11, 2020 | 12.5 to 6.25 BTC

Conclusion

Thiel's prediction is bold, but not without merit. Bitcoin has a proven track record of growth, and the upcoming halving could be a major catalyst for further price increases. With more and more people realizing the potential of Bitcoin, it's entirely possible that Thiel's forecast will come true.