TL;DR Breakdown
- Bitcoin price to trade at $400,000 by 2022.
- What happened with BTC price in 2013 and 2017.
Mike McGlone, a Bloomberg strategist, has predicted that by 2022, Bitcoin price would trade at $400,000, over $350,000 more than it trades currently. He said the price of the number one cryptocurrency would only hit this level if it follows previous trends that were experienced back in 2013 and 2017.
Similarly, professional trader Peter Brandt was bullish in his prediction, noting that BTC could break the $200,000 mark very soon. He likened the price surge he predicts to the 2017 consolidation price, which was on for months before the BTC price shot up to $19,800. However, what happened with Bitcoin price years back are not guaranteed to happen again as prices have surged to new ATHs with higher volatility than ever experienced previously.
What happened with Bitcoin price in 2013, 2017
In 2013, Bitcoin’s price closed for six consecutive months with green candles, after which the price retraced back and then surged by over 700 percent. It was the first time Bitcoin traded at $1,000. Something similar to that happened again in 2017, which is why McGlone predicted $400,000 for BTC. In 2017, Bitcoin closed with green candles for five consecutive months and in September after the fifth month, the price consolidated before exploding again. It moved from $5,000 region to $19,800 before plunging again.
Based on this analogy, both analysts (McGlone and Peter Brandt) predict an explosive bullish run for the number one cryptocurrency. As mentioned earlier, these antecedents do not mean that a similar thing would happen now. In late 2015 although BTC closed with green candles for five consecutive months, the price crashed by 20 percent in 2016 and tried to consolidate for several months.
Similarly, the five consecutive months of bullish momentum that kicked off 2019 were followed by a protracted downtrend, with BTC having fallen more than 60 percent from its 2019 highs amid the “Black Thursday” crash of March 2020. Bitcoin did not reclaim its 2019 price-highs until December 2020.
