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Bitcoin may experience “parabolic” growth in 2021, similar to the soars in the price of the first cryptocurrency in 2013 and 2017. This opinion was expressed by Mike McGlone, senior commodity strategist at Bloomberg Intelligence.
According to him, this can happen in the case of repeating patterns that could be observed in the years he indicated.
#Bitcoin may undergo a parabolic 2021, as it did in 2013 and 2017, if previous patterns play out again. New highs are a next potential iteration and may be only a matter of time unless something we don’t foresee trips up the trend of greater adoption and demand vs. limited supply pic.twitter.com/w742J7bXfC
— Mike McGlone (@mikemcglone11) November 4, 2020
“New heights are the next potential iteration. It may only be a matter of time unless something unexpected happens that disrupts the trend of wider acceptance. [биткоина] and the ratio of demand and limited supply, ”the analyst wrote.
Held in May halving many investors cite one of the main factors that can push the price of bitcoin to new highs. The result of the decrease in the miner’s reward from 12.5 BTC to 6.25 BTC was, for example, the fact that the annual inflation of bitcoin was lower than the corresponding indicator of gold, the most recognized protective asset by investors.
The first halving took place in 2012, and at the end of 2013 the price of bitcoin for the first time rose above $ 1000.
Bullish buyers were behind the rise in the value of bitcoin in 2013
After second halving in July 2016, bitcoin began to gradually grow and reached an all-time high of about $ 20,000 in December 2017.
Recall that at the end of October, the monthly candle on the Bitcoin chart for the first time since December 2017 closed above $ 13,000.
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