History shows Bitcoin price may take 3-12 months to finally break $20K
The price of Bitcoin could now trade sideways for several months to potentially a year, historical data shows.
Bitcoin (BTC) has had four market cycles since its inception in 2009, from a bottom to a new peak.
The cycles ranged from over 600 days to around 1,050 days.
The most recent cycle has just surpassed 300 days, which suggests it could last 3-12 more months.
If Bitcoin’s price remains stable for several months to potentially a year, it could achieve two things.
First, it could strengthen the fundamental ground of the next explosive rally as seen between 2016 and 2017. Second, it could cause other cryptocurrencies, or altcoins, to reach new heights, as some investors predict.
Why a slow grind upwards for Bitcoin is crucial in this phase
The price of Bitcoin was at a mere $3,596 on BitMEX on March 13. Within six months, BTC has recorded a 220% upsurge, outperforming most traditional assets and indices including gold.
The steep vertical rally of Bitcoin could raise the chances of whales or large individual Bitcoin holders to take profit.
When that happens, the overleveraged nature of the futures market may result in a deep pullback due to cascading liquidations.
But if BTC gradually recovers over time and remains above the $10,000 support level, it could lead to a more sustainable and long-lasting bull cycle.
10% Holdings co-founder Dan Tepiero said:
Read the full topic at
https://cointelegraph.com/news/history-shows-bitcoin-price-may-take-3-12-months-to-finally-break-20k
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