The crypto sector is awash with many Bitcoin bulls who regularly have very optimistic predictions for the king coin. One of the most popular and most bullish, Josh Rager, previously predicted that if Bitcoin could surpass $11,700, it would be well on its way to more than triple its current all-time high, hitting $60,000.
Now, Rager has noted a previous pattern Bitcoin followed a few years ago, claiming that Bitcoin could revisit $20,000 if the pattern repeats itself.
Back in 2015/2016, Bitcoin shot up surprisingly, more than doubling its price. Shortly after this, Bitcoin then consolidated and began to trade in a sideways swing and maintained its trajectory.
After about six months of this movement, it then quickly surged by more than 100%, shooting over $900 from the $450 it was shortly before. Rager now believes that this pattern is happening again and if he’s right, Bitcoin could easily hit $20,000 at the end of its current swing.
While this could seem like a simple pipe dream on the surface, there are quite a number of factors that could make this a reality. For example, we’re only a few months away from Bitcoin’s next halving.
By May 2020, block rewards received by Bitcoin miners would be cut in half, beginning some scarcity. Historically, halvings usually have a positive effect on the value, driving prices up wildly.
There is also the possibility that there will be increased cryptocurrency adoption in the near future. One major catalyst for this is the recent approval of Bakkt, to deliver physically settled Bitcoins.
It is widely thought that corporate players who have been skeptical about making a play for the market would be more interested now that there is proper regulatory approval. These reasons make Rager’s predictions a bit more palatable and somewhat believable.
However, Rager believes that there’s a chance Bitcoin could still crash again, as it trades sideways in preparation for a rally. According to him, traders would have to “sit through weeks of down/sideways price which makes for a slow market”. He, however, advice that market players be patient.