Opinion | Bitcoin price bull market could last 1,000 days
Source of this article: Blockchain Pencil
Author: William Suberg
Bitcoin will be worth more in 2020 than in any year of its existence. Historical data indicates that its prices will continue to climb for 19 months.
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According to data uploaded by fund partner James Todaro on Twitter on February 21, 2020 is the best year for Bitcoin in terms of volume-weighted average price.
BTC trading volume weighted average: 2020 is the largest year
Image credit: Twitter @JamesTodaroMD
The weighted average of transaction volume calculates the price of Bitcoin in a certain period based on the ratio of transactions.
According to Todaro's calculations, the average price of BTC / USD will be $ 9,120 by 2020. This is even higher than in 2017, when the pair reached its all-time high of $ 20,000. The volume-weighted average price for the year was $ 6,125.
On the surface, in terms of spot prices, 2019 has been much more successful, but Bitcoin's trading volume weighted average last year was slightly lower than 2018.
"It strongly suggests that if bitcoin was held in previous years, most of the money transferred to bitcoin in previous years could have profited from the U.S. dollar," Todaro commented.
Model predicts 570-day bull market
Looking ahead, data from the previous year's Bitcoin bull market also paints an encouraging picture for the next year and a half.
By analyzing Bitcoin's bull market cycle, investors and traders known as CryptoKea claim that its duration indicates that Bitcoin will continue to grow for about 570 days.
Although the market fell 8% last week, 2020 will be characterized by the strength of Bitcoin. Year to date, BTC / USD has risen by nearly 35%.
CryptoKea explained: "In the last two Bitcoin bull market cycles, the lowest and highest prices have fluctuated almost equal around the halved date."
"If this relationship can be established, then we have more than 570 days of bull market in front of us, and the top of the cycle will appear around September 2021."
Image credit: Twitter @CryptoKea
This deadline is similar to the predictions of the increasingly popular stock-trading Bitcoin price model, which requires an average price of $ 100,000 between 2021 and 2024.
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