Analysts at Bloomberg Crypto claim that Bitcoin could rise to $ 400,000 this year, similar to the bull rallies in 2017 and 2013, when the price of BTC rose 15 times and 55 times, respectively.
According to cryptocurrency analysts Bloomberg Crypto, the price of BTC could rise to $ 400,000 this year from roughly $ 57,000 as of today. The bullish outlook is based on BTC performance during the 2017 and 2013 rallies. In a monthly report released this week, analysts note:
“BTC is now at about the same level as when it grew 55 times in 2013 and 15 times in 2017. In order to reach price highs like those years, in 2021 the cryptocurrency must approach the price of $ 400,000, based on regression from the high of 2011. ”
BTC price dynamics chart. Source: Bloomberg Crypto.
While past successes do not guarantee future results, history may repeat itself. The last bullish rally began after the third Bitcoin halving, when the miner’s reward dropped to 6.25 BTC. Bitcoin also rallied in value for 12-18 months after previous halvings in November 2012 and July 2016.
“The year after halving is a common feature of 2021 with 2017 and 2013, along with reduced volatility,” the report said.
Analysts noted that the long-term volatility indicator nearly hit a low in September 2020. BTC averaged about $ 11,000 that month. Some market experts fear that faster bond yields may weaken the attractiveness of inflation defenses such as gold and bitcoin, leading to lower prices.
“The rise in real returns is an obstacle to the price of gold, but to a lesser extent for bitcoin, which is still at the stage of price determination,” analysts at Bloomberg Crypto note.
Recall that recently the popular cryptocurrency analyst Willy Woo said that he was waiting for the final explosive growth of bitcoin in the current cycle and believes that selling bitcoins now would be extremely imprudent.
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