Multinational investment bank predicts Bitcoin to hit $20,000 by 2021

11 May, 2019
by Richard Allen
Price Analysis
Multinational investment bank predicts Bitcoin to hit $20,000 by 2021

Toronto-based, multinational investment bank, Canaccord Genuity Group has taken a swing at a Bitcoin price prediction. According to the investment bank’s analysis report, Bitcoin will hit $20,000 by 2021.

The report takes into account Bitcoin’s price movements during the four year period between 2011 to 2015 and from 2015 to 2019. As per the report, these cycles may have been impacted by Bitcoin's mining rewards schedule.

The investment bank goes on to say that Bitcoin’s price action from 2011 to 2015 “continues to provide a reasonably good roadmap for 2015 to 2019.” Further, this framework suggests a long-term recovery beginning right about now, in the April-May time frame “followed by a very slow climb back to old high in March of 2021.”

The report notes that looking closely at the charts, “the current recovery may be slightly ahead of itself at the moment. “With that being said, the report states “we caveat this observation with the obvious – this is simply pattern recognition and not reliable fundamental analysis.”

Mike Novogratz made a similar prediction recently, forecasting the price of Bitcoin to hit $20,000 within the next 18 months. Speaking during the SALT Conference in Las Vegas, Novogratz stated “$6000 probably is a stall point, we take out 6000, the next one is 10K and would I be happy if we ended the year at 10,000? Probably I would.”

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Read more about: Bitcoin (BTC)

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