• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

If History Rhymes, Bitcoin Could Revisit $20,000 By Early-2021

Nick Chong by Nick Chong
2 years ago
in Bitcoin
Reading Time: 3min read
If History Rhymes, Bitcoin Could Revisit $20,000 By Early-2021
Advertisement
Nexo Logo
Listen to Article

Since the parabolic rally of Bitcoin in 2017 has unwound itself, investors have sought to predict future market predictions through rational analysis, rather than dreams of Lamborghinis and wads of cash.

In a bid to do just that, many traders have begun to weigh historical trends against those seen today, determining that there’s a possibility that Bitcoin (BTC) and the rest of the cryptocurrency market is ready to step into spring.

Bitcoin May Have Finally Bottomed

Under the Rhythm Trader handle, prominent trader Alec Ziupsnys and his team recently drew attention to the eerie lines that can be drawn between 2014 to 2016’s market cycle and the one seen today.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Ziupsnys, who has risen to prominence for incessantly touting the merits of Bitcoin over centralized financial institutions, noted that if BTC truly follows a multi-year cycle of boom and busts, there’s a likelihood that the cryptocurrency has already bottomed.

https://twitter.com/Rhythmtrader/status/1106343612760117249

By the same token, Rhythm Trader explains that if a long-term floor has been established and market cycles are followed to a tee, BTC could begin to slowly but consistently move higher, eventually establishing in a new all-time high in early-2021.

The only notable difference between the two charts is the volume profiles. As explained by Max Kordek of Lisk, Ledger’s Pascal Gauthier, Tron CEO Justin Sun, and a handful of other industry leaders to NewsBTC, the nuclear winter of 2015 led many investors to lose all faith in BTC, leading to the effective collapse of market liquidity.

Related Reading: Exclusive: Why Tron CEO Expects Bitcoin, Crypto Assets To Rally In 2020

Now, however, there remains a healthy amount of interest in this budding market, despite the 80% drawdown.

The fact that there is still a solid level of trading activity in itself has led The Crypto Dog, Mati Greenspan, and other analysts to claim that more likely than not, the drastic sell-offs are close to biting the dust.

Yet, there’s a large, ground-breaking caveat here. Industry research group Crypto Integrity has revealed that it believes upwards of 88% of all volumes seen on sites like Coin Market Cap could be entirely fraudulent.

The consortium, which is focused on eliminating fraud in this nascent space, cites an algorithm that is created to distinguish fake from real volumes.

But it is unclear whether the presence of copious levels of fake volume will slow BTC from embarking on a long-term recovery to and past its $20,000 all-time high.

But Couldn’t Bitcoin Still See Lower Lows?

While the stage could very well be set for Bitcoin to slowly grind higher, other fractal sets have indicated that lower lows could very well be in the cards.

Trader Jonny Moe drew attention to why there’s a likelihood, albeit somewhat fleeting, that BTC could make a move under $3,200 in the coming months.

To back his pseudo-forecast, he draws attention to the cryptocurrency’s trend in early-2018. During this time, Bitcoin failed to break out of an inverse head and shoulders pattern, before breaking under an Adam and Eve double bottom pattern a few months later.

I want to be bullish. I really do. But I have to ask myself, what if we're wrong?

Please, tell me I'm just in disbelief.$BTC pic.twitter.com/Y8pQwEviiu

— Jonny Moe (@JonnyMoeTrades) March 14, 2019

As he depicted in his chart above, BTC recently underwent the same pattern. Much like before, the cryptocurrency failed to break past a short-term downtrend twice, before going on to not rebound off an Adam and Eve bottoming sequence.

Further giving credence to his thought process that a sub-$3,000 Bitcoin isn’t as zany as optimists think, Jonny laid out what he called a “bear look,” which built off his previous model of failed rebounds and triangles. The so-called “bear look” can be found below.

If historical trends are followed, this would mean that heading into mid-2019, Bitcoin and the asset class at large will likely begin a slow descent to God knows where.

Jonny is far from the first to claim that patterns that appeared sell-offs seen in 2018’s downturn are showing their faces yet again, setting a precedent for cryptocurrencies to lose their footing once again.

NewsBTC recently reports that Moon Overlord, a trader that commands the eyes and ears of thousands across Twitter, recently explained that there are similarities between the market movements seen before November’s rapid sell-off and the lull seen in today’s market.

The analyst didn’t issue an explicit prediction, but it was heavily implied that a strong move under $3,000 would make sense if BTC completes previous patterns.

Featured Image from Shutterstock
Tags: bitcoincryptomarket
TweetShare
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

bitcoin dark web monero

Why The Dark Net’s Most Active Market Ditched Bitcoin For Monero

3 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Reclaims $40,000 as Powell Rubbishes Taper Tantrum Woes

3 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Logs Revenge Recovery as Lagarde Calls for Global Regulation

4 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Flickers Near $35,000 as Bond Yields Drop; A Detailed Outlook

4 days ago
bitcoin bar new york

Landmark Real Estate Listing Offers Two New York Bars For 25 Bitcoin

5 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Paints Predictive Death Cross as Price Tops Out Near-Term

5 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Introducing ethrift.io Non-Custodial FIAT Ethereum Gateway

January 16, 2021

SV-based Taraxa Revolutionizes Legacy Data Auditing With Mathematically Provable Audit Trails

January 15, 2021

Kickoff Your DeFi Journey With YOYO FINANCE – Their Token Sale Is Live

January 14, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.