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Analyst predicts Bitcoin price rally to 20,000 USD by Januar

时间:2020-08-01 05:00来源:未知 作者:admin 点击:
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Crypto analyst Ethereum Jack made a bullish prediction for

price that could place the cryptocurrency at its all-time high in early 2021. The analyst bases his prediction on Bitcoin’s fractal pattern and initially made it after Black Thursday, when the crypto

collapsed due to the advancing Covid-19 pandemic. A “fractal”, as the analyst calls it, is a pattern that repeats itself in an environment of uncertainty for the price of an asset.

After Bitcoin’s

in March, the analyst made a comparison between the graph of the last months of Bitcoin with the graph of the Nasdaq index during the economic collapse of 2008. According to

Jack, Bitcoin shows a similar performance to Nasdaq in that year:

A really cool fractal I added some context to it, comparing the virus with the 2008 crash Gann analysis on the price and time aspects shows high confluence for this scenario with near ATH levels around EOY/NY.

Source: https://twitter.com/BTC_JackSparrow/status/1239133425790930950

As shown in the graph above, Bitcoin has had 3 capitulation moments of collapse that were followed by a massive rally. The first was the “Bitcoin bubble” that bursted in 2018, similar to the “dot com” bubble of the Nasdaq. Both charts then entered a “bullish deviation zone” until they reached what the analyst considers to be the ultimate price catalyst. In the case of the Nasdaq it was the collapse of the Lehman Brothers firm and for Bitcoin it will be the narrative behind the COVID-19 pandemic, according to the analyst.

The analyst hopes that in early January 2021 his prediction will come true. By then BTC should be testing its all-time high. In addition, the prediction is consistent with the scenario that another analysts have put forward. Despite the fact that Bitcoin has had little movement in recent months, Bloomberg analyst Mike McGlone expects the cryptocurrency to reach its all-time high of $20,000 at some point this year, as McGlone

recently:

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.

As reported by CNF, other analysts have stated that Bitcoin will start trading at double-digit levels before the end of the year. These include

, BitMEX CEO Arthur Hayes and Three Arrow Capital CEO Su Zhu.

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