Bitcoin's bull market is here, but won't reach $ 100,000 by 2020

The value of Bitcoin (BTC) in 2020 is higher than any other year before, and historical data shows that the price of the coin will continue to increase for another 19 months.

Follow data posted on Twitter by Blocktown Capital's managing partner, James Todaro, on February 21, in terms of weighted average prices, 2020 is the best year ever for Bitcoin.

Weighted average weight BTC: 2020 is the biggest year

The weighted average weight calculates the Bitcoin price over a given period of time on a pro rata basis.

For 2020, the average price for the BTC / USD pair is $ 9,120, according to Todaro calculations. This number is higher than in 2017 when BTC reached an all-time high of $ 20,000. In that year, the weighted average weight was 6,125 USD.

Curiously, the figures actually created higher value for 2018, although this was the year that Bitcoin was stuck in the constant bear market – which saw prices bottom out at $ 3,100.

In fact, 2019 was much more successful in spot prices, but the average weighted volume of Bitcoin for last year was lower than in 2018.

Average price of Bitcoin by weighted weight. Source: Twitter / James Todaro
Average price of Bitcoin by weighted weight. Source: Twitter / James Todaro

“That strongly suggests that most of the money transferred into Bitcoin in previous years will be profitable in USD if they hold BTC until today,” Todaro commented on the finding.

The model predicts an increase of 570 days

In the future, data from the previous Bitcoin bull run also paints an encouraging picture for the next year and a half.

Analyze Bitcoin's bullish cycle, named investors and traders CryptoKea claiming that their length suggests Bitcoin will continue to increase for another 570 days.

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Although Bitcoin's price has dropped by 8% last week, 2020 still shows the power of Bitcoin. Since the beginning of the year, the BTC / USD pair has increased by nearly 35%.

Bitcoin bull cycle duration. Source: CryptoKea / Twitter
Bitcoin bull cycle duration. Source: CryptoKea / Twitter

“In the two recent cycles of #Bitcoin price, the bottom and the top have fluctuated around the halving day with almost equal proportions,” explained CryptoKea.

“If this relationship is true, then there will still be 570 days of market rally ahead, with a cycle peak coming around September 2021.”

That timing is similar to the prediction from the stock-to-flow Bitcoin price model – calling for an average price of $ 100,000 between 2021 and 2024.

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According to CoinTelegraph
Translated by ToiYeuBitcoin

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