Financial advisory firm has predicted that () could hit $20,000 by 2021 based on retrospective projections in an analysis on May 9.
This prediction is based on a close similarity between the four-year price cycles of during the 2011–2015 and 2015–2019 ranges, as shown in the following graph:
price cycles. Source: Canaccord Genuity
Canaccord Genuity points to the rewards schedule as a possible cause for these four-year price cycles, since the reward drop — which by 50% for every 210,000 blocks mined — has so-far occurred about once every four years. However, the report cautions:
“As always, we caveat this observation with the obvious — this is simply pattern recognition and not reliable fundamental analysis.”
Canaccord Genuity analyst Michael Graham on prices at the beginning of 2018, saying that the upswing in regulatory enforcement would likely have a major impact on the crypto market via (therefore making it hard for crypto assets to be accurately priced).
Earlier this week, Galaxy Digital Founder and CEO that the price of would exceed $20,000 by the end of 2020. Novogratz did not provide a specific rationale for his conviction, but did note that is in a bull market and is outperforming the price growth of other .
At press time, is at $6,404.55 and is trending up by 4.89% on the day, according to data from .
Published at Sat, 11 May 2019 02:47:15 +0000
