- Bitcoin (BTC) looks flatlined on the macro scale over the past few weeks
- An analyst shares a fractal analysis that predicts Bitcoin would hit $20k by January 2021
- The hope of Bitcoin hitting $20k by the end of this year is still alive
Bitcoin News Today – The price action of Bitcoin over the past couple of weeks has been non-existent, save for the slight two to three percent increase on Tuesday. Bitcoin looks as if it has flatlined on a macro scale, as it has been stuck between the $8,900 and $9,400 marks. Nevertheless, an analyst that said Bitcoin would experience a V-shaped reversal hours after the digital currency plunged to $3,700 is still bullish.
Fractal Analysis Suggests Bitcoin Could Hit $20,000 by January Next Year
The analysts recently shared a fractal analysis that suggests that the world’s largest digital currency by market cap would be trading close to its all-time high of $20k by January next year. In terms of technical analysis, a fractal is a price action pattern that occurs several times over different frames or/and for a different asset.
Bitcoin (BTC) Price Today – BTC / USD
The digital currency analyst recently said that BTC is presently trading almost as Nasdaq did after the Great Recession crash in 2008. He pointed to the vital similarities between both chars, adding that he wants to give a “Friendly reminder that this fractal is still alive.”
From the perspective of price action and narrative, it appears that the current BTC chart and the historical Nasdaq chart have extremely similar price action. They also have similar underlying narratives as markets hugely impacted by the exponential nature of technology. If this fractal plays out in full, the price of Bitcoin would hit its all-time high of $20k by the beginning of January next year, according to the analyst.
Other Analysts Believe Bitcoin Would Hit $20k by 2021
There are many bullish BTC buffs out there, and many of them have very high expectations for the digital currency. Despite how optimistic the fractal is, there are many industry executives and analysts that believe that Bitcoin (BTC) hitting its all-time high of $20k by 2021 is very much possible.
Last month, Mike McGlone – a senior commodity at Bloomberg – said in a report that the price of Bitcoin could hit $20k provided it follows the path it took in 2016. He said:
“Bitcoin is mirroring the 2016 return to its previous peak. That was the last time supply was halved, and the third year after a significant peak… Fast forward four years and the second year after the almost 75% decline in 2018, Bitcoin will approach the record high of about $20,000 this year, in our view, if it follows 2016’s trend.”
The CEO of BitMEX – Arthur Hayes – said earlier this year that Bitcoin might end the year at $20k. He believes the digital currency would hit that level due to the vast amount of new money being printed by central banks across the globe.