Canaccord Genuity Capital Markets just wrote a new note to clients, citing a “striking resemblance” in Bitcoin’s price action from 2011-2015 and 2015-2019.
If past is prologue and the trend continues, Canaccord’s Michael Graham and Scott Suh say the data suggests BTC is on its way to $20,000, reports MarketWatch.
“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.”
Right now, the crypto markets are a sea of red, with Bitcoin down 2.81% at $3,738. Ethereum is down 5% at $125 and XRP has dropped 3% at $0.3049.
Technical analysts say the short-term outlook on Bitcoin is decidedly bearish, with FXStreet saying further declines “remain unstoppable.”
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