Still buying Bitcoins now? Bullish BTC Forecasts
It’s insane how quickly sentiment can turn in the crypto market. A few days ago, there were mostly bearish forecasts and analysts announcing the end of the bull run.
Today, after the Bitcoin price managed to retake the $54,000 mark, the Bitcoin Up crypto world is looking a bit better. Below we would like to introduce you to some analysts who have been mostly correct with their assessments in the past and what they expect next.
How much potential is still in the share price development?
The best-known model for predicting the BTC price is that of the pseudonymous analyst PlanB. So far, he has hit the bull’s eye with his stock-to-flow model. Back in 2020, when the Bitcoin price was still at $5,000, he predicted such a rapid development for 2021.
According to his assessment, there are now two different scenarios that can occur. Either the BTC moves in a similar way as in 2013 or as in 2017. But what would that mean for the price:
- Scenario 1: Bitcoin moves like in 2013: $288,000
- Scenario 2: Bitcoin moves as in 2017: $100,000
In each case, both limits are just the average highs he expects to see in the 2021 rally. The price could, in theory, and if past history is to be believed, rise far beyond that.
So far, bitcoin is performing exactly between the two previous cycles, as the following chart shows:
#Bitcoin Entering the Fun Phase pic.twitter.com/O2JfrYhn9k
– PlanB (@100trillionUSD) March 7, 2021
The short to medium term analysis of Cryptobirb
Well-known and popular trader Cryptobirb has confirmed this morning that his model is now issuing a bitcoin buy signal.
Over the last few weeks he has predicted a number of price movements in detail. If you look at the chart below and scan through some of his published posts, you can see that he sees bitcoin at around $80,000 in a medium term time frame.
About to break 170k followers. God bless yall. I’ll make sure all my followers are well equipped to profit from $BTC and know about the top before it comes. Follow along pic.twitter.com/9EbXpE0ZAb
– CRYPTO₿IRB (@crypto_birb) March 7, 2021
Peter Brandt: The next parabolic phase
Peter Brandt is also a well-known and respected trader. Unlike his colleagues, Brandt is not a bitcoin maximalist, but someone who trades a market to make money with it. It does not matter to him whether he trades Bitcoin or commodities, for example.
In the following chart, which he published two days ago, he shows a possible date for the end of the rally, with a peak of over $200,000. That would mean an increase of around 4x the current price level.
Full disclosure
-I am NOT a $BTC maximalist
-46 yrs trading, I’ve never seen a more exciting market with a similar narrative
My largest current single non-real estate holding is Bitcoin.
Yet, for me, BTC is just another market to be traded, like Beans or T-Notes or Sugar pic.twitter.com/OTHbq5y8Gy
– Peter Brandt (@PeterLBrandt) March 7, 2021
I would also like to point out the following chart pattern by trader LiBZ42. According to his Bitcoin forecast, the price of the leading cryptocurrency will crack $100,000 in June 2021.
How seriously can Bitcoin forecasts be taken?
Many claim that Bitcoin forecasts and charts in general cannot give any information about the future development. At this point, everyone has to make up their own mind whether to believe these patterns.
But the rally in 2021 proves one thing: history repeats itself! Like clockwork, the Bitcoin price starts to rise parabolically months after the halving (which occurs approximately every 4 years). Coincidence?
In the end, no, because every 210,000 blocks the miners‘ block rewards are suddenly halved and this leads to a supply shock, so to speak.