Canaccord Analysts Future $BTC Forecast Prediction: Bitcoin Price Will Return to $20,000 by 2021


According to Analysts from the company – Canaccord Genuity – history is about to repeat in a positive way for cryptocurrencies, especially for Bitcoin.

This is according to a specific not which was sent to a number of the investment banks clients over the course of this week from Michael Graham, an analyst with the company, along with Matthew Volpe and Alexander Frankiewicz who work as associates.

Between them all, they respectively predicted a spectacularly meteoric return of Bitcoin to its previous high point of $20,000, which took place in December 2017, over the next two years.

Within the note specifically, they discussed the following:

“Now four months into 2019, we note for the third time the striking similarity in bitcoin’s price action between 2011-2015 and 2015-2019. While this simple pattern recognition has little fundamental basis, we note that bitcoin does operate on a four-year cycle of sorts, as the halving of bitcoin’s mining reward occurs approximately every four years.”

Proposing this initial theory, the team discussed that they believed that the valuations that Bitcoin has been languishing at over the first quarter of 2019 would make up its lower supports in the near future.

“Bitcoin has started to form the spring 2019 bottom we began mentioning last year, although a close look at the chart suggests the recovery may be slightly ahead of itself. Looking ahead, if bitcoin were to continue following the same trend, the implication is a slow climb back toward its all-time high of ~$20,000, theoretically reaching that level in March 2021.”

Another piece of evidence which they cite as substantiating their claim of a price spike from Bitcoin was the fact that once static assets are now on the move. This is something that has only happened in times of high activity and respective demand.

“7 million bitcoins have been shaken out of ‘Cold’ (not active for at least six months) status and have begun trading hands again.”

This Graph was used within the note provided by Canaccord.

This all makes for some really compelling news for institutional investors in the Bitcoin investing world. But, no matter what the theorizing and predictions, we never really truly know what the future holds.

But, one thing that does help to provide some credence to the findings that they laid out the two previous performances over one another, illustrating the fact that, with every time the block reward is halved, the price of Bitcoin rose respectively.

With this in mind, the next time that Bitcoin's block reward is due to be halved will be in March 2021.

One of the other reasons that these analysts believe that this price is forecasted to increase significantly is the fact that there is a far greater level of interest from institutional investors and Wall Street in general when it comes to cryptocurrency. This increasing level of professional interest spells out a very possible catalyst for future price growth, arguing the following.

“Perhaps most important is Fidelity’s continued push into the space. After the asset management giant launched Fidelity Digital Assets last October and a custody service in March, numerous reports suggest the launch of an institutional digital assets trading business within the next few weeks.”

The Cannacord analysts go on to highlight the further research that Fidelity has contributed to institutional interest in cryptocurrencies.

“Fidelity also released a survey of 411 US institutional investors which found that 40% are open to owning digital assets within the next five years. Another factor may be Grayscale’s “Drop Gold” advertising campaign, which hit airwaves recently and targets digitally native investor base that may prefer bitcoin to gold as a non-government store of value investment. Yet another could be several corporate crypto initiatives from the likes of Facebook, Nike, and others gaining attention in the media.”

If we were to summarize the research provided by the Canaccord analytics team it would be that things are looking good for Bitcoin in the future.

“In any event, bitcoin is so far one of the best-performing assets of 2019,” they went on to conclude.

Bitcoin’s price is $52,225.93 BTC/USD exchange rate today. The real-time BTC market cap of $973.68 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $18.62 Billion and live coin value change of BTC 6.85 in the last 24 hours.

Live Bitcoin (BTC) Price:

1 BTC/USD =$52,225.9326 change ~ 6.85%

Coin Market Cap

$973.68 Billion

24 Hour Volume

$18.62 Billion

24 Hour VWAP

$49.27 K

24 Hour Change

$3,577.98

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