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Evaluating past Bitcoin price performance, a popular cryptocurrency proponent noted that the BTC price could “moon” to $430,000 by late 2021.
Although history is not a precise indicator for future price developments, a popular cryptocurrency analyst made a compelling forecast showing that if Bitcoin repeats its 2016-2017 bull run with the same percentage increases, it will end up at $430,000 in 2021.
The primary cryptocurrency has built a reputation for beating unfavorable odds in the past.
Its volatility is well-known among investors with some historical price surges and drops.
According to the popular cryptocurrency analyst CryptoBull, if Bitcoin is to repeat its performance over the past bull run, it could end up at $430,000.
He based his views on previous multi-year cycles.
BTC reached a top in late 2013 at above $1,000 before it entered a bearish market for the next two and a half years.
It finally managed to break above the long resistance in mid-2016 and, in doing so, began one of the most impressive bull runs in its relatively short history.
In the next year and a half, Bitcoin went from $420 to an all-time high of nearly $20,000 in December 2017.
This equaled a surge of approximately 4,600%.
After the parabolic price increase of 2017/2018, BTC went again into a negative spiral for about two and a half years.
CryptoBull pointed out that it broke out of the resistance after it conquered $9,400 a few weeks ago.
As such, since the two scenarios appear identical so far, another similar increase of 4,600% will take the asset to a record of $430,000.
Per CryptoBull’s chart, BTC could reach $430,000 in late 2021.
Perhaps this sounds a bit far-fetched to most now since Bitcoin has just entered the low five-figure price range.
Additionally, with over 18,5 million bitcoins mined by then, this would skyrocket the asset’s total market cap to $7,955,000,000,000 (almost $8 trillion).
This will place Bitcoin very close to the current gold’s market cap of over $10 trillion.
In other trending Bitcoin news today:
Best Weekly Close Since $20K? 5 BTC Price Factors to Watch This Week
Looming Bitcoin futures gaps and mainstream interest are providing the perfect environment for another week of volatility.
Bitcoin (BTC) begins a new week at over $11,000 after a wild weekend saw the market crash $1,200 in minutes — will the chaos continue?
Here’s five factors that could easily impact Bitcoin price action over the coming days:
1. Bitcoin futures gaps keep building
More than usual, this week looks set to be big in terms of Bitcoin-specific market phenomena.
2. Warnings over US dollar’s downfall
The situation is precarious — Bitcoin’s rise over the past few weeks has come as the dollar sees a protracted fall.
At the same time, investors have rushed into safe havens such as gold and silver.
3. Gold on track for $2,000
Gold sentiment may act as a precursor to any changes in Bitcoin’s progress.
The precious metal remains at all-time highs in USD terms, on track to pass the psychologically significant $2,000 mark.
4. Consumer BTC interest is palpable
“People are trying to jump on momentum.
The entire crypto market is a microcosm of everything happening in stocks,” analyst Mati Greenspan summarized to the Wall Street Journal.
5. Altcoins aren’t done yet
Bitcoin is still tussling with altcoins in terms of profitability, with Ether continuing to crush long-term resistance on multiple timeframes.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
https://cointelegraph.com/news/goldman-sachs-gold-will-hit-2-300-by-2022-what-about-bitcoin
https://cointelegraph.com/news/best-weekly-close-since-20k-5-btc-price-factors-to-watch-this-week
https://cryptopotato.com/if-history-repeats-bitcoin-price-at-430000-during-next-bull-run/