The correction of Bitcoin (BTC) from its peak of $ 20,000 lasted nearly 900 days, but its journey to $ 100,000 is about to begin.
It is the prediction of Positive Crypto, well-known trader and cryptocurrency analyst, according to which the long period of correction of BTC is about to end
Bitcoin will break its “consolidation structure”
According to a chart published by Positive Crypto, from December 2017 to today we have seen “a single, gigantic accumulation phase“, during which investors bought and repositioned themselves.
This “consolidation structure“as Positive Crypto defines it, it is about to disintegrate, leaving room for a new bull run that will raise the price of Bitcoin well above the previous historical maximum of $ 20,000:
“The past 896 days have been a single, gigantic build-up phase before a bull run of up to $ 100,000 and beyond. Soon the consolidation structure will break: are you ready?”
Many analysts have predicted BTC above $ 100,000
Numerous analysts predicted that, following the third halving of miner rewards, Bitcoin’s price would rise exponentially.
According to PlanB, creator of the well-known Stock-to-Flow pricing model, Bitcoin will reach $ 288,000 by 2024:
“The formula of the S2FX model can be used to estimate the market value during the next phase / cluster of BTC. […]
This translates to a Bitcoin price, given around 19 million BTC between 2020 and 2024, of $ 288,000. “
Even more optimistic is the forecast of Raoul Pal, CEO of Global Macro Investor, according to which BTC could touch the million dollars:
“If you use the classic chart delineation techniques, the target is positioned at around $ 40,000. […]
But in the logarithmic chart, the potential (and I emphasize potential) target of this increase is a million dollars. “
The prediction of Dan Morehead, founder and CEO of Pantera Capital, was also highly positive:
“If history repeats itself, Bitcoin will peak in August 2021 … at $ 533,431. This is obviously a big ‘If’, it seems a completely absurd price.
I’m just saying there is a 50% chance that Bitcoin’s price will go up … and a lot. “