Vancouver, Canada-based Financial Institution Pinpoints Bitcoin Price’s All Time High Return
The researchers at Canadian financial firm Canaccord Genuity Capital Markets say that that the Bitcoin all-time high price of $20,000 will be a reality again by 2021.
In the above chart, there’s a remarkable similarity in trading patterns between the periods 2011-2015 and 2015-2019, and if the trend continues, HODLers could be set for a change in fortunes. But it may take a while.
Michael Graham and Scott Suh of Canaccord Genuity Capital Markets said:
“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. Although there are different dynamics at play this time around compared to four years ago, we point to several tangible catalysts that could propel the price of bitcoin in 2019. For one, institutional custody solutions are expected to launch in the first half of 2019, led by Fidelity Digital Assets”
Fred Wilson, the co-founder of Union Square Ventures echoed similar sentiments in his blog. Although this nascent market is on its way to a bottom, Wilson noted that this process could occupy much of 2019, especially due to the volatility that this asset class is subject to. The prominent financier noted that a number of
“bullish runs, followed by selling pressures”
will bless cryptocurrencies with their presence. The selling pressures, he explained, could bring BTC to retest its year-to-date low at $3,150.
Touching on specific examples which he has connections with, Wilson exclaimed that he hopes that big name projects, like $200M+ ICO Filecoin and Algorand, will begin to ship. He added that he expects for “next-gen” smart contract platforms, such as Cosmos, to eventually challenge the hegemony that Ethereum has established over this subsector.
If there is an improvement in scaling and growth in emerging market countries we can expect the prices to reach $20,000 in a couple of years.