Bitcoin, for all its positive price growth since 2013, has lacked one key feature ever since that old bull run: Six consecutive monthly green candles. In April of 2013, this was the last time the world’s first cryptocurrency managed this, but now Bitcoin managed to do it again. Should history try to repeat itself, Bitcoin could see even more parabolic growth than before.
2013 Bull Run And 2021 Bull Run Now Far More Similar
After six monthly green candles in April of 2013, Bitcoin (BTC) managed to close at, at the time, a whopping price of $140. It’d just be two months before the markets retrace themselves, going back under the $100 mark. However, the following six months thereafter saw Bitcoin skyrocket by a factor of 700%, recording a price above the $1,000 mark for the first time in its history.
Back then, people thought $1,000 was a spectacular price. The world certainly has changed in almost a decade.
Bitcoin’s Cyclical Surge
A similar pattern, though not exact, occurred in the great 2017 bull run, as well. In September of 2017, five consecutive green monthly candles were recorded. Bitcoin saw a range-bound consolidation thereafter, before reaching the previous all-time high of almost $20,000, going up from $5,000, at 2017’s end. After that, it was the Crypto Winter.
Mike McGlone stands as a strategist at Bloomberg, and speculated that Bitcoin could hold a $400,000-plus price tag by 2022.
#Bitcoin in Transition to Risk-Off Reserve Asset: BI Commodity — Well on its way to becoming a global digital reserve asset, a maturation leap in 2021 may be transitioning Bitcoin toward a risk-off asset, in our view. pic.twitter.com/Ycr1LSqEAJ
— Mike McGlone (@mikemcglone11) March 26, 2021
This is assuming, however, that the previously witnessed trends of 2013 and 2017 are followed, however. McGlone went further in his bullish statements, going as far as to declare that Bitcoin is working towards becoming a global digital reserve asset, at this rate.
Many Speculations And Theories
Peter Brandt stands as a market analyst and a veteran trader in his own right, and gave his own bullish prediction for Bitcoin. Brandt’s prediction, while still bullish, is quite literally half as bullish as McGlone’s.
In the 2015-2017 bull market in $BTC, there were nine corrections exceeding 30%
Since the Mar 2020 low, there has been only one such correction
How many more corrections > 30% will occur before Bitcoin reaches $200,000?
— Peter Brandt (@PeterLBrandt) February 21, 2021
He estimated a 250% growth in Bitcoin, which will see the asset break past the $200,000 mark. In Brandt’s prediction, he declared that the Bitcoin space is within that strange swirling mid-point pause it occurred back in 2017, before the final push upwards.
Past trends hold no guarantee that the future performance will behave like it had, however. This ongoing bull run is only the third of its kind, A prime example of this would be the 2015-2016 bull run, which saw five consecutive green monthly candles. Afterward, however, the entire price of Bitcoin went down by 20%, consolidating in tighter margins for several months thereafter.