The month of April was quite friendly to the cryptocurrency market in general and Bitcoin (BTC) in particular. However, this first week of May has proven to be the best so far with Bitcoin pushing past $5,500 to even hit $6,000 on some exchanges, bringing its market cap to over $100 billion for the first time in 2019.
Galaxy, a cryptocurrency analyst still has some good news for the cryptocurrency community though. He said Bitcoin could potentially exceed $333,000 in price by the end of 2021 if the trends preceding the 2017 bull run (which we see now) continue.
According to Galaxy, the last time a consistent recovery of the kind we see now was witnessed in the market was when Bitcoin rose by 6,500 percent and such increase by simple calculation will shoot Bitcoin to $333,000 by 2021.
Many other analysts and traders have predicted a pending bull market in the coming years. Fundstrat’s lead analyst and Bitcoin bull Tom Lee said a few days ago that the year 2020 will be a great one for the cryptocurrency space. While he did not give any figures, Lee said his firm had published a document outlining 11 pointers to a bull market which are all in open display in the current market.
Another article published by a crypto trader in February 2019 laid out some factors that are bound to bring Bitcoin to $340,000 by Q4 of 2021. What a striking resemblance to Galaxy’s predictions! Is this all some big coincidence? Absolutely not.
The agreement in the predictions of several different industry people at different times only points to the fact that their predictions are based on facts and not personal opinion and that means they are likely to come to pass.
Suffice it to say that Bitcoin is already on its way to confirming these predictions and taking the entire market along as it has always done. Just within the last 24 hours, Bitcoin rose from just over $5,500 to well over $5,800 at press time. If this trend continues, we may be well over $6,000, the critical price level by the end of this week.
It, therefore, does not make sense for anyone who has been following the current market trends to doubt the possibility of a massive bull run by the end of 2021. As the current market mirrors that of 2015, it is definite that something huge will soon happen as market trends do not lie.