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The month of January is usually bearish for the Bitcoin price but this one has bucked that trend.
It has been the best start to the year since 2012 but analysts are eyeing even greater gains in 2021.
Bitcoin blogger Sylvain Saurel has conducted an in-depth analysis into BTC price movements at the beginning of the year.
The study has been done to highlight the cyclical side of the evolution of bitcoin price with each halving as a starting point.
The research goes back to 2012 and starts the comparison there.
In the same twenty days in that year, Bitcoin (BTC) increased by a similar amount, around 23% to reach $6.50.
Who wouldn’t have wanted to load up then! By the end of the year, prices had increased by 157% to end at $13.50.
The following year, after the halving, resulted in an epic bitcoin price pump of 5800% to end 2013 over $750.
The next year was one of correction with a bear market taking prices back down again while 2015 showed signs of recovery at the end.
2016 was the year of the second halving and while January was flat, the asset gained 123% by the end of the year.
2017, the year following the halving, again saw a monumental bull run with bitcoin prices rising 1450%.
2018 as we all know was a mirror of 2014 with a huge correction and 2019 has shown signs of recovery with BTC gaining 85% over the year.
BTC PRICE PEAK IN 2021 The conclusion leads on to the finding that the evolution of Bitcoin price is cyclical with the halving as the starting point for the new cycle.
“The year following a Bitcoin halving is when the bull market for Bitcoin is at its strongest with respective price increases of +5,800% in 2013 and +1,450% in 2017.”
With that in mind, the research suggests that 2021 will be a stronger year for BTC prices than 2020.
In terms of gains, looking at previous rises 500% would not be out of the question.
At current prices, this would put bitcoin at around $17k by the end of 2020 and as high as $100k in 2021 when the big rally really takes off.
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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.