Analyst: Bitcoin Trajectory Ahead of Schedule, Peak Projected At $325K
Bitcoin price recently set a new high for 2020 but has since pulled back to just under $12,000. However, the cryptocurrency is slightly “ahead of schedule,” according to a top crypto expert and former Google engineer.
Because the asset is further beyond in its cycle “trajectory,” it could mean that there’s still more downside to go before the bull run picks up in steam. In the end, however, it doesn’t matter, as the same projection brings the cryptocurrency to a peak of over $325,000 in under two years.
Bitcoin May Be Overly Bullish, Trajectory To Next Peak Is Tracing Ahead Of Schedule
Bitcoin at this point has likely bottomed. If the initial plunge to $3,200 wasn’t enough, buyers wouldn’t let the cryptocurrency set a lower low even on Black Thursday amid the pandemic-induced panic.
Since then the asset has been on a strong uptrend, recovering fully from those lows and then some. The cryptocurrency’s block reward halving has also now past – a bullish event due to its enormous impact on the already scarce supply.
Related Reading | Bitcoin Is Bullish, But A Breakout Won’t Arrive Until 2021: Here’s Why
Experts like former Google engineer Vijay Boyapati and several top industry analysts believe the asset follows a four-year cycle driven by this important event. The hype surrounding the halving helped the crypto asset reclaim $9,000, then spent several months consolidating below resistance.
The break of resistance at $10,000 caused a FOMO rally to above $12,000 based on momentum alone. This move higher pushed Bitcoin price just slightly ahead of schedule, compared the last four-year cycle, says Boyapati.
Same Cycle Projection Predicts Next Cycle Peak At $325K By October 2021
According to the crypto expert, if the cryptocurrency was following the last cycle exactly, the price per BTC should be trading around roughly $10,800. Currently, BTCUSD is trading roughly $1000 higher following a pullback that began after setting a local high at $12,400.
The same data calls for Bitcoin price to set a new all-time high somewhere right around Christmas Day – a gift to crypto investors that have weathered the long crypto winter and bear market.
BTCUSD Long-Term Trajectory | Source: TradingView
If Bitcoin continues to follow this path, and it has thus far, the next peak would arrive sometime around October 19, 2021. The target? $325,000.
Related Reading | Why This Weekly Close In Bitcoin Is Critical For Bullish Continuation
Such a lofty target and rise from $10,000 to over $300,000 sounds unrealistic. However, at that value, the cryptocurrency’s market cap would be just over half of gold’s. Adding a Schiff Pitchfork to the same price trajectory also appears to perfectly mark the projected top.
BTCUSD Long-Term Trajectory and Schiff Pitchfork Tool | Source: TradingView
The same four quadrants of the tool have also acted as support and resistance for different phases of the last two market cycles, suggesting that there is at least some probability that this keeps pace.
If the peak actually is close to mid-October as this trajectory predicts, the four-year cycle will theory will be proven, and the entire world will know to buy the next dip.
OhNoCrypto
via https://www.ohnocrypto.com
Tony Spilotro, Khareem Sudlow