Bitcoin on track to $20,000 ... by 2021

07 Mar, 2019 | Updated: 07 Mar, 2019
by Joeri Cant
Bitcoin
Bitcoin on track to $20,000 ... by 2021

According to researchers at Canaccord Genuity Capital Markets, a wealth management firm based in Vancouver, Canada, Bitcoin is on track to reach $20,000, however, not before March 2021.

Researchers Michael Graham and Scott Suh pointed out to their clients that in a chart devloped by Canaccord Genuity Capital Markets, there is a striking resemblance in trading patterns between the periods 2011-2015 and 2015-2019, and if the trend continues, HODLers could be 'set for a change in fortunes'.

However, they will have to wait till March 2021, to cash in their Bitcoins.

Read more: What does Elon Musk have to say about Bitcoin?

'Looking ahead, if bitcoin were to continue following the same trend as in the years 2011-2017, the implication is that bitcoin would be bottoming approximately now and would soon begin climbing back towards its all-time high of ~$20,000, theoretically reaching that level in March 2021', the researchers said.

The two reseachers pointed as well to improvements in scaling and growth in emerging market countries as other possible catalysts for a move back to the elusive $20,000 mark.

'Although there are different dynamics at play this time around compared to four years ago, we point to several tangible catalysts that could propel the price of Bitcoin in 2019. For one, institutional custody solutions are expected to launch in the first half of 2019, led by Fidelity Digital Assets', they said.

Read more: When will the next cryptocurrency bull run occur? 8 expert opinions

Last month it was Charlie Lee, the creator of Litecoin, who predicted that Bitcoin would hit $20,000 'within the next 3 years.'

When Lee was asked: 'When do you predict BTC will ever hit $20k again, or do you think it never will?'

His response was simply: 'Should happen within the next 3 years.'

Charlie Lee obviously has a knack when it comes to predictions and timing the market. Back in 2017 the Litecoin creator infamously sold his entire portfolio of digital silver sometime during the December 2017 bull run; subsequently, and correctly, foretelling the 2018 crypto crash.

Read more: Why did Charlie Lee sell all of his Litecoin?

Both predictions are in strong contrast of the infamous McAfee $1,000,000 Bitcoin prediction by 2020.

Although the current trendline shows clearly that McAfee's prediction is far behind the required price of where it should be in order to hit the projection, McAfee himself sticks to a hard date: Dec 31st, 2020.

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