The ecosystem of cryptocurrency is highly volatile and unstable hence, Bitcoin’s price prediction is a massively debated issue.
According to researchers at Canaccord Genuity Capital Markets, a Canada-based financial institution, the future of Bitcoin will be bullish, despite the market undergoing a major long-term bear trend.
In a research note, the two crypto-analysts, Michael Graham, and Scott Suh drafted a chart where an identical resemblance was observed between the periods 2011-2015 and 2015-2019.
- Source: Market Watch
Michael Graham and Scott Suh wrote in their research note,
“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 approximately $20,000, theoretically reaching that level in March 2021.”
They further reiterated that the block reward, which is the incentive miners receive for solving the cryptographic puzzle on the blockchain, halves every four years. The entire argument behind this part is that the system controls the supply of the digital coin to counter inflationary issues.
They further mentioned,
“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.”
Fred Wilson, Co-founder of Union Square Ventures recently mentioned on his popular blog that 2019 will witness a few significant “bullish runs, followed by selling pressures” that will end up being a blessing for the cryptocurrency. However, he also mentioned that the selling pressure might potentially bring BTC to their all-time low of $3,150 later this year.
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Crypto News – 23 May
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