The crypto market has is now on the bull run, and many analysts are giving in their take on Bitcoin as most altcoins rely on it.
In a video podcast, a cryptocurrency analyst by the name Colin analyzed how far Bitcoin will trend in the present bull run and when we to expect the next peak.
Even though the performances of coins in the crypto space are not a accurate criterion for predicting future happenings, the analysts said it is still a determinant, thus, revisiting the last bull run which took place in December 2017 and January 2018.
Bitcoin, then, hit its peak value, $20,000, after which we had a price correction for many months, and now in May 2019, Bitcoin has retuned on the upside trend with little upticks at the start of the month.
Colin said it took Bitcoin about 4 years to drift from $1,150 to $20,000. During the bull course, Bitcoin, between July 2013 and July 2016, formed a bowl shape graph which consists of a number of volatility, and over-and-under corrections. The bowl shape, according to history, is peculiar to every bull run.
Previously when Bitcoin plummeted to $3,800, the analyst raised that we are already in the accumulation period, and it will last only four to six month. Now that we look to have escaped the prime accumulation period, the crypto analyst averred that those who missed out have got another chance because of the long days ahead before the peak.
According to the podcast, our present position in the market, when compared to the previous bull run, is equivalent to around the $430 mark price of the latter.
We are just 17 months away from the time Bitcoin reached its peak value (2017 end and start of 2018).
While overlaying his predictions on the previous bull run graph, Colins said we are 45% half way to the peak, therefore present trend towards the peak is quite faster when compared to the previous.
If it took us 17 months to be at 45% halfway, this mean that the peak (100%) would be at January 2021, a little later that his previous prediction, April 2020.
How High will Bitcoin go in the Current Bull Run
The bull curve nature of Bitcoin on Bitstamp chart between 2012 and now shows different round and bowl shape trend.
Even though the last bull run lasted between 2013 and 2017, it took place in segments. Bitcoin first went from $11 to $225 (circa 23x increase), and from $70 low to $1,150 (about 16x increase).
After reaching $1,150 peak value at the end of 2013, a price retracement which ended the bull run surfaced. Another bull run was ignited at $230 low price around the second quarter of 2015.
The price of Bitcoin spiked from $230 in 2015 to $20,000 towards the end of 2017. This whole trip took about 4 years.
The above reveals that there is a correlation between the time frame of a bull run and the peak price. The longer it takes, the higher its climes.
Based on this, Colins predicted that we have about 37 months to reach the peak in this current bull run. Since the last peak, late 2017, we have spent 17 months, so we’re left with 20 months to reach the peak.
After an analytical permutation, Colins averred that the peak would be 66x increase from the last bottom price $3,300.
While projecting that we would reach the peak in January 2021 (a three year long bull run), Colin said the most probable value then would be $218,000.
As for Ethereum, Colins foresaw that the altcoin will likely clinch a peak value between $3,600 and $5,940.
