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Has Bitcoin Bottomed?
According to Analysts the Only Direction Now is Up
Bitcoin has been having a bit of a rough year or 2. The
price per coin as tumbled quite a bit since its all-time-high of just below
$20,000 in January 2018. It has dropped all the way down to $3800 at the time
of writing this article. Many have lost hope in cryptocurrencies &
blockchain, and some have even declared the death of Bitcoin.
The Near Future
A team of analysts from Canaccord Genuity Capital Markets have claimed in a letter to their clients that Bitcoin will return to its all-time-high by 2021. This seems to indicate a 4-year cycle in the price of Bitcoin.
Canaccord Genuity Capital Markets is primarily a wealth management firm.
"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 ~$20,000, theoretically reaching that level in March 2021," wrote Michael Graham and Scott Suh of Canaccord Genuity Capital Markets, in a research note to clients.
More Good News for Hodlers?
In a different analysis, done by Sam Ouimet for Coindesk, claims that an upward trend is imminent. The moving average convergence divergence (known as MACD) seems to indicate that the downward trend is ending and that the price for Bitcoin is about to strongly grow.
It seems like a bull-run is imminent with indicators and analysts agreeing on a long-term price increase of BTC. In addition to that, financial institutions have begun trading and buying Bitcoin.
Despite all of this, even good news needs to be approached with caution.