- August 3, 2020
- Posted by: icoblock
- Category: News
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.
Bitcoin At $430,000?
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.
Far-Fetched Or Entirely Plausible?
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.
Although such an outcome appears questionable, to say the least, several other signs suggest that the first-ever cryptocurrency has indeed entered a bull run, which could take it to six-digit price territory. A well-known cryptocurrency YouTuber recently brought several reasons why Bitcoin could surge in value in the next few years.
Interestingly, he acknowledged breaking above the same resistance at $9,400 and added BTC’s monthly cycles, the famous stock-to-flow model, the HODLing mentality among investors, and the Puell Multiple metric. Ultimately, he was more modest about his prediction but asserted that Bitcoin could reach $100,000 by late 2022.