Key Points
- Bitcoin’s price discovery phase in this bull run could potentially push it beyond $200k.
- The previous cycle saw 319% gains in just over five months, but each cycle has seen lesser gains over a longer period.
Bitcoin [BTC] reached a new all-time high at $76.4k on the 6th of November, following the U.S. elections where Donald Trump was declared the winner.
His pro-crypto stance and promises could potentially benefit Bitcoin and the rest of the cryptocurrency market.
Bitcoin Price Prediction: A Repeat of 2020?
2020 was a significant year for Bitcoin, marked by a BTC halving and a U.S. presidential election.
Bitcoin’s trend was bullish in November 2020, and once the election results were announced, the market quickly began to surge.
A similar scenario could occur in the coming weeks.
However, predicting long-term Bitcoin trends is challenging as each cycle has seen lesser gains over a longer period than the previous one.
On-chain metrics suggest that Bitcoin is still in the early stages of its bull run and is not close to a peak yet.
Using Past Trends to Predict Future Performance
In 2017, Bitcoin gained significant attention by rallying 600% in three months after being assumed dead just a year earlier.
Most of these gains were retraced by 2019 before the next bull run began in 2020.
The 2017 run’s 227% extension was $58.4k, close to Bitcoin’s weekly session closes in early 2021.
Therefore, a bold prediction for Bitcoin’s price is that it will reach at least $225k this cycle, with an all-time high 10-15% higher.
However, many renowned analysts and market participants, including Ki Young Ju, believe that prices beyond $100k would be difficult to achieve.
It’s important to note that this information does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
