Can Bitcoin really surpass $20,000? Here’s why I think it’s possible.
Bitcoin has been the talk of the year as its volatility has reached new extremes. The year started off green, then we saw a large free-fall, and now we’re pumping — on track to close above 13K. The highest monthly candle ever.
The question thats in the back of everyones minds is “Can Bitcoin really surpass All Time Highs?”. The short answer is Yes.
Historical Data shows were ready for a bull run.
When the movements of bitcoin since 2009 were examined, speculation that a new record would come began to spread rapidly.
Since Bitcoin (BTC) started its market life, it has taken its price from lows to new records with 4 cycles. Suggesting that the mentioned cycles range from 600 to 1050 days, experts say that BTC spent 300 days in the current cycle.
This means that it may take between 3 months and 1 year to the end of this cycle, which is supposed to be completed by signing a new record.
Whether this loop theory is correct and, once again, whether the predictions will be matched will be revealed when market followers carefully follow BTC within the alleged time frame.
In my opinion, if BTC manages to maintain its range without experiencing major drops, it could have 2 returns. The first of these; If Bitcoin is able to maintain its band without much fluctuation, it could lay a solid foundation for the next bull run, as it was between 2016 and 2017.
Secondly, thanks to the BTC chart that has remained stable, many altcoins can manage to break new records.
If BTC Follows The Way It Followed In 2016, It Could Be A Record In 2021
The cycle, which coincided with the halving time in July 2016, completed the bullish rally in December 2017, about 17 months later, bringing the Bitcoin price to an all-time high of $ 20,89. BTC, which experienced the 2020 halving event in May, could show a strong rise towards the end of 2021, if it can follow a similar path to that in 2016 in this cycle.
According to Cointelegraph’s report, this prediction, supported by experts, is largely in line with PlanB’s stock flow model (S2F) adapted to BTC. PlanB claims that in the light of the S2F model that it adapted to Bitcoin from traditional markets, the BTC price could rise to $ 100,000.
Extreme Greed can Result in a Large Sell Off
Over the last few years, we’ve been moving in a sideways trend. We’ve seen sudden pumps, and sudden drops, but the common theme behind these moves is how they are connected with investors emotions.
It’s dangerous (and not recommended) to purchase Bitcoin once this index has flashed “greed” because this territory is significantly more risky.
With that being said, we should have some decent corrections in the future, in which buying the dip would be a great decision.
Personal Opinion — Market Experience
Having been exposed to the Bitcoin markets for several years now, I’ve learned to understand how it moves. I believe there’s a strong chance that we surpass 16–18K in 2020, see a correction, then potentially see new highs in 2021.
I have lots of analysis on page, and the majority of them have been spot on this year. I will keep my followers update on my opinions on the market.
