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Long term price predictions for Bitcoin are always positive since very few industry analysts see things going south for the technology. This year has been very bullish for BTC, compared to the nightmare it had last year. Looking at the charts though could spell quite a long wait for the next market cycle peak.
Bitcoin Could Take Its Time To Reach Next High
BTC has made over 170 percent since the beginning of the year and while that is no mean feat, it doesn’t compare to gains in recent bull markets. In just three months in late 2017 the king of crypto surged 400 percent to hit its all-time high.
This time around the going seems a lot slower, especially considering the past ten weeks of sideways trading with little clear direction. The market cycles from boom to bust appear to be extending, with each one taking considerably longer than the previous. So, the big question remains, when can we expect the next cycle peak?
Crypto analysts have been looking at past bull cycles in an effort to determine the length of the next and we may have a bit of a wait. Josh Rager has observed that market bottoms to tops are not sharp movements so it could be a good few years until the next one.
“Each Bitcoin market cycle took significantly longer than the previous. Each market bottom to peak-high in price wasn’t as sharp. Next peak-high likely a few years away but good things come to those who wait”
https://twitter.com/Josh_Rager/status/1171084791007141889
His observations are similar to those from analyst ‘Moon Overlord’ who said something similar last week.
“Naturally as Bitcoin expands as does the velocity at which these moves take place. With each dollar added to the marketcap it becomes that much harder to grow and the percentages become more incremental. A bull market at this scale will take years to play out to full effect”
https://twitter.com/MoonOverlord/status/1169232644929990659
Those charts do not offer a next peak, which could arrive somewhere in the middle of the next decade, but they do both agree that there will be one.
Really? That Long …
Other arguments for a shorter period to the next peak include the fact that Bitcoin is now considered a new asset class and previous data has been accumulated in less than a decade. Those charts also do not include institutional investment which has yet to weigh in and the fact that millions are now seeking safe haven, offshore hedges against government currency and economy manipulation.
In the short term there appears to be little demand for Bitcoin at current price levels and only when it drops into four figures do the buyers wake up. In the long term, patience will be the key.
Image from Shutterstock
