Bitcoin is showing strong bullish signal currently. The cryptocurrency recently broke $5,800 and on BitFinex it has already crossed $6,000. Despite the Tether fud Bitcoin is showing strong fundamentals. According to cryptocurrency analyst, Galaxy, Bitcoin’s current monthly chart looks similar to that seen in October 2015.
October 2015 marked the start of the 2-year long bullish cycle of Bitcoin. During the 2 year period, the price of Bitcoin increased by 6,500%, leading up to an all-time high of $20,000.If the price trend follows this mirror chart completely then we could see Bitcoin at $330,000 at 2021.
Observing structure similarities between the monthly candles of October 2015 and April 2019.
October 2015 marked the start of most significant bull run in BTC history after a 6500% price surge in 2 years.
Another similar bull run puts BTC at over $330K/coin, by the end of 2021. pic.twitter.com/KTCRLd8jRH
— Galaxy (@galaxyBTC) May 1, 2019
Galaxy isn’t the first cryptocurrency trader to make this prediction. Many cryptocurrency traders and influencers have pointed out that the historical data of Bitcoin has shown, it follows a trend of rallying up to 15 times higher than its previous peak.
Another major factor that is going to contribute to Bitcoin’s price is going to be Bitcoin halving. Next Bitcoin halving is supposed to happen on 20th May 2020. Halving is when the reward for mining a block becomes half. Halving ensures Bitcoin is protected from inflation and also contributes to the price increase.
Bitcoin’s second halving did not have much effect at the price in the short term, but it did contribute to the 2017 bull run of Bitcoin.
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