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Analysts: Bitcoin Price (BTC) To Revisit $20,000 in March 2021

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3 mins read
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At the moment, the cryptocurrency market is primarily concerned about when Bitcoin might bottom, and not when Bitcoin price will return to its previous all-time high of $20,000. Market sentiment is currently so low, any positive movement in Bitcoin price is normally rejected by bears hoping to buy the number one crypto later at lower prices.

However, according to a team of analysts from Canaccord Genuity Capital Markets, Bitcoin is bottoming now and will find its way back to its previous all-time high on or around March 2021 – over two years from now.

Bitcoin Price: Slow and Steady Rise Back to Previous All-Time High

BTC is currently trading at around $3,700 today, following a fall from local highs of over $4,200. These numbers would have been laughable back in December 2017 when Bitcoin was trading anywhere from $13,000 to a high if $20,000.

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But after Bitcoin’s parabolic advance was broken and the media blitz and irrational exuberance subsided, the price of the leading crypto by market cap fell significantly and has since struggled to find a bottom or regain bullish momentum.

Related Reading | Fundamentals Grow While Bitcoin Price Stagnates, Where Does BTC Go From Here?

What’s next for BTC, according to a team of analysts from Canaccord Genuity Capital Markets, is a slow and steady rise toward the previous all-time high price of $20,000 – a price point the analysts expect to occur in March 2021. Michael Graham and Scott Suh of Canaccord Genuity Capital Markets used a repeating four-year cycle model to come up with their estimate.

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“Looking ahead, if bitcoin were to continue following the same trend as in the years 2011-2017, the implication is that bitcoin would be bottoming approximately now and would soon begin climbing back towards its all-time high of ~$20,000, theoretically reaching that level in March 2021,” they explained.

Catalysts for BTC Bull Run: Halving, Lightning, Institutional Custody, and More

The analysts recognized a 4-year cyclical pattern occurring on Bitcoin price charts, which appear to roughly coincide with each halving.

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Each halving lowers the reward amount that miners receive after validating a block successfully. The current block reward is at 12.5 BTC per block, however, after the next “halving” each reward will be cut in half to just 6.25 BTC.

Related Reading | Poll Reveals Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term

With the supply of new BTC lowering, demand rises thus kicking off each new bull market. But that’s only if Bitcoin follows the same pattern as the past. This time, the analysts suggest, could be different.

The analysts add that there are “several tangible catalysts that could propel the price of bitcoin in 2019.” Graham and Suh further reveal that second-layer applications aimed at scaling and the growth of “emerging market countries,” as well as the launch of institutional custody solutions such as Fidelity Digital Assets could help the number 1 crypto turn bullish sooner than later.

Images from Shutterstock
Tags: All-time Highanalystbitcoinbitcoin priceCanaccord Genuity Capital Markets
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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