In 2018, Bitcoin was stationed at three thousand one hundred and fifty ($3150) dollars and had since railroad the freight to over an increase of three hundred percent (300%).
Bitcoin (BTC) has currently dropped down from the thirteen thousand dollars ($13,000) mark back to the twelve thousand dollars ($12,000) mark.
This is a rather serious situation with a virtual asset being so expensive, yet it is something that physically does not exist. This concept alone is scary to most people. Many analysts have given their verdict that bitcoin will not be sen its downfall.
How would Bitcoin price prediction to $80,000 playout?
However, CryptoHamster, who has been analyzing the game, has a different verdict than most analyses already dished out.
Ascending channels in a log-scale played out very well so far, even the extension of those form 2016-17.
Here is the corresponding $BTC price projection for the current cycle. #bitcoin $BTCUSD pic.twitter.com/2xRuNgKpIb
— CryptoHamster (@CryptoHamsterIO) July 9, 2019
The graph by him, above, ending in the late 2020 and early 2021, shows that Bitcoin (BTC) will be experiencing a five hundred and fifteen percent (515%) increase in its current price of thirteen thousand dollars ($13,000) to eighty thousand dollars ($80,000).
Josh Ragers, from Ethereum World News, shares the same views as CryptoHamster. This news came before CryptoHamster’s analysis. According to Josh Rogers, Bitcoin’s three complete boundary cycles (from support to resistance lines) have decreased by eighty percent (80%), and thus a rebound is expected.
Bitcoin Rate of Return Each Market Cycle
(Each cycle had a 20% return of the previous cycle)
2011: Return of 318,864% = $31.90 High
2014: Return of 58,474% = $1,177.19 High
2017: Return of 11,960% = $19,764.51 High
2022: Potential Return of 2,392% = $78,500.00 Potential High pic.twitter.com/7KP439cpZE
— Josh Rager 📈 (@Josh_Rager) May 14, 2019
As Josh Rager points, 2011’s rise saw a return of 320,000%; 2014, 58,500%; and 2017, 12,000%. His tweet explains:
Galaxy, a prominent trader, says that the current BTC chart resembles the one from the year 2015 and hence another uphill climb is expected by Bitcoin (BTC).