What an exciting day it’s been for the Bitcoin market. Following being on hold under $9,000 for numerous days and weeks, the asset saw an exceptionally explosive break that it reached a local high of $10,450 exactly just moments ago.
With this freshest leg more crucial, BTC is up 13% in the past 24 hours — surpassing majority of altcoins, including Ethereum and XRP.
Some are nervous that the rally stops here, citing a figure of trends, including a CME gap and a Tom Demark Sequential “9” candle. Yet an eerily fractal interpretation prophesies that the cryptocurrency will hit $20,000 this year.
Imminent Surge to $20,000: Bitcoin Fractal Predicts
In technical analysis, a fractal is when a pattern of price action is replicated over diverse time frames and/or for various assets. As Investopedia describes,
“Fractals also refer to a recurring pattern that occurs amid larger more chaotic price movements.”
One trader lately received the chart below, noting that Bitcoin’s price movement since the 2017 highs looks eerily like Amazon from the Dotcom bubble to the Great Recession. This fractal was first started several months ago, and thus far, it’s been eerily precise.
The fractal now implies that by the end of the year, Bitcoin will trade close to or at its all-time high price just modest of $20,000.
Top Crypto Analysts Agrees
It isn’t only fractals suggesting Bitcoin will close a new all-time high price in 2020. Bloomberg senior commodity analyst Mike McGlone said in a June report that as long as BTC continues the path it took in 2016, it can reach $20,000 this very year:
“Bitcoin is mirroring the 2016 return to its previous peak. That was the last time supply was halved, and the third year after a significant peak… Fast forward four years and the second year after the almost 75% decline in 2018, Bitcoin will approach the record high of about $20,000 this year, in our view, if it follows 2016’s trend.”
There’s also Dan Morehead, Co-CIO of Pantera Capital, one of the first crypto funds. He wrote in a March report that with the volume of money printing happening on in the world, he expects BTC to set up a new record price in the 12 months after his pots.
Morehead explicitly cited the potential for institutional investors and different investor demographics to start to recognize the potential of limited assets.
Bitcoin, with a 21 million supply cap, is specifically included in that list of assets.
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