{"id":373413,"date":"2019-03-05T01:01:10","date_gmt":"2019-03-05T01:01:10","guid":{"rendered":"https:\/\/uniquehot.com\/?p=373413"},"modified":"2019-03-11T16:23:43","modified_gmt":"2019-03-11T16:23:43","slug":"analysts-bitcoin-price-btc-20000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/analysts-bitcoin-price-btc-20000\/","title":{"rendered":"Analysts: Bitcoin Price (BTC) To Revisit $20,000 in March 2021"},"content":{"rendered":"
At the moment, the cryptocurrency market is primarily concerned about when Bitcoin might bottom<\/a>, and not when Bitcoin price<\/a> 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.<\/span><\/p>\n However, according to a team of analysts from Canaccord Genuity Capital Markets, Bitcoin<\/a> is bottoming now and will find its way back to its previous all-time high on or around March 2021 \u2013 over two years from now.<\/span><\/p>\n 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.<\/span><\/p>\n But after Bitcoin\u2019s parabolic advance was broken<\/a> 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.<\/span><\/p>\n Related Reading | Fundamentals Grow While Bitcoin Price Stagnates, Where Does BTC Go From Here?<\/a><\/strong><\/em><\/p>\n What\u2019s next for BTC, according to a team of analysts from Canaccord Genuity Capital Markets<\/a>, is a slow and steady rise toward the previous all-time high price of $20,000 \u2013 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. <\/span><\/p>\n \u201cLooking 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,\u201d they explained.<\/span><\/p>\n <\/p>\n The analysts recognized a 4-year cyclical pattern occurring on Bitcoin price charts, which appear to roughly coincide with each halving. <\/span><\/p>\n 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 \u201chalving\u201d each reward will be cut in half to just 6.25 BTC.<\/span><\/p>\n Related Reading | Poll Reveals Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term<\/a><\/strong><\/em><\/p>\n With the supply of new BTC lowering, demand rises thus kicking off each new bull market<\/a>. But that\u2019s only if Bitcoin follows the same pattern as the past. This time, the analysts suggest, could be different.<\/span><\/p>\nBitcoin Price: Slow and Steady Rise Back to Previous All-Time High<\/span><\/h2>\n
Catalysts for BTC Bull Run: Halving, Lightning, Institutional Custody, and More<\/span><\/h2>\n