Opinion: The price of Bitcoin will return to the level of $ 20,000 in March 2021

Analysts of the Canadian company Canaccord Genuity Capital Markets are confident that the price of the first cryptocurrency has already groped the bottom, while the $ 20,000 mark will again be reached in two years. Reports about it Market Watch .

The researchers compared the BTC / USD charts for 2011-2015 and 2015-2019 and noted the striking similarity between the patterns followed by the bitcoin price during these periods.

“Looking into the future, if Bitcoin continues to follow the same trajectory as in 2011-2017, this means that BTC has already reached the bottom and will soon rise back to the historical maximum of $ 20,000. Theoretically, this level will be reached in March 2021, ”the researchers note.

The fundamental factors for the growth of "digital gold" analysts attributed:

– expected by the end of May 2020, the halving of the reward to miners for the mined block, which will make Bitcoin an even more scarce asset;
– launch of the platform for trading and storing cryptocurrency from Fidelity ;
– growing interest in BTC from institutional investors;
– implementation of solutions that improve the performance of the Bitcoin network;
– the growing popularity of cryptocurrency in developing countries.

Recall that Bitcoin has already reached the bottom , the founder of Scup and Sprinklr services Renato Shirakashi said in January. He supported his opinion with an indicator of realized value and data from MVRV and NVT Ratio indicators.

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