Assessing past performance during the bull market, bitcoin could reach 430,000 USD by the end of 2021.
Although history is not an accurate indicator of future price developments, a popular crypto analyst has made a compelling prediction that if bitcoin repeats its growth in 2016-2017 with the same percentage increase, it will end up at 430,000 USD in 2021.
Bitcoin for 430,000 USD?
Primary cryptocurrency has built a reputation in the past for overcoming unfavorable rates. Its volatility is well known among investors with some historical price increases and declines. Popular crypto analyst “CryptoBull” claims that if BTC repeats its performance during the latest bullish trend, it will end up at 430,000 USD.
He based his views on previous multiannual cycles. BTC peaked at over $ 1,000 at the end of 2013 before entering the bear market for the next two and a half years. In mid-2016, we finally managed to overcome the long resistance and thus launched one of the most impressive runs of the bull market in its relatively short history.
In the next year and a half, bitcoin climbed from $ 420 in December 2017 to a record high of nearly $ 20,000. This equates to an increase of approximately 4,600%.
After a parabolic price increase in 2017/2018, BTC entered a negative spiral again for two and a half years. CryptoBull pointed out that Bitcoin left the resistance behind after reaching $ 9,400 a few weeks ago. Given that the two growth scenarios so far appear to be the same, another similar increase of 4,600% will bring bitcoin to a record $ 430,000.
Exaggerated predictions or a real scenario?
According to the CryptoBull chart, BTC could reach $ 430,000 by the end of 2021. It may sound a bit exaggerated when bitcoin has just entered a low five-digit price range. In addition, more than 18.5 million bitcoins are mined. This could shoot the total market cap of the asset to $ 7,955,000,000,000 (almost $ 8 trillion). As a result, bitcoin will be very close to the current market cap of gold, over $ 10 trillion.
Although such a result seems questionable, at least a few other indications suggest that the first ever cryptocurrency has actually entered a bullish trend, which could take it to a six-digit price range. The well-known cryptocurrency YouTuber recently provided several reasons why bitcoin could rise sharply in the next few years.
Interestingly, he acknowledged a break above the same resistance beyond $ 9,400. He added other arguments in favor of bitcoin: monthly BTC cycles, the famous stock flow model, the HODLing mentality among investors, and the Puell Multiple metric. In the end, he was more modest in his prediction, but claimed that bitcoins could reach $ 100,000 by the end of 2022.
You might also like: Top 8 Dogecoin Faucets to Start Earning DOGE in 2020
- Rising copper price is a bullish signal for Bitcoin - February 7, 2025
- Trade war between the US and China escalates: Chip market in the crosshairs - February 7, 2025
- Crypto market in panic: XRP price falls by 25% due to profit-taking - February 7, 2025
