BITBAY:BTCUSD hit an ATH of $1,236 (USD) on December 4th, 2013. Shortly after that BITBAY:BTCUSD fell to the $200 (USD) range from January 2015 until finally breaking out in October of 2015. On July 9th, 2016 the Bitcoin Halvening occurred causing those mining for bitcoin rewarded with 25 coins every 10 minutes cut down to 12.5 coin every 10 minutes. At this date in time BITBAY:BTCUSD was worth $660 (USD) which was approximately 50% of the ATH in 2014. Now if you notice BITBAY:BTCUSD hit an ATH of approximately $20,000 (USD) in 2018. While the Bitcoin Halvening occurred on May 11th, 2020 BITBAY:BTCUSD was valued at approxamitely $10,000 (USD) or 50% of the ATH in 2018.
Is this similarity a coincidence? Or is history repeating itself?
For this analyst we are going to say that history is repeating itself to predict what the next couple of years will look like.
After the 2016 Halving BITBAY:BTCUSD had a steady rate of increase to reach the previous ATH in February 2017 (approx 7 months after the halving). Based on that information I predict that BITBAY:BTCUSD will reach the previous ATH of $20,000 (USD) by January of 2021. I utilized the support and resistant lines to determine the approximate corrections.
In December of 2018 BITBAY:BTCUSD had a value of nearly $20,000 (USD). This was approximately 547 days (1 year and a half) after the Bitcoin Halvening. This was just under a 2000% gain from the previous ATH.
However in my opinion this was overvalued and the gain truly should have been 1000% if it wasn't for human greed and manipulation. I am basing my prediction on a 1000% increase from $10,000 (USD) ATH to play it safe.
So overall I predict that BITBAY:BTCUSD will be valued at approximately $100,000 (USD) in January 2022 which is 547 days after the 2020 Bitcoin Halving. I also would not be surprised if it surpasses my prediction and reaches a value of $250,000 like Tim Draper predicts.
Keep in mind this is my opinion and not trading advice. I wish I could guarantee this but I can't, happy trading.
Is this similarity a coincidence? Or is history repeating itself?
For this analyst we are going to say that history is repeating itself to predict what the next couple of years will look like.
After the 2016 Halving BITBAY:BTCUSD had a steady rate of increase to reach the previous ATH in February 2017 (approx 7 months after the halving). Based on that information I predict that BITBAY:BTCUSD will reach the previous ATH of $20,000 (USD) by January of 2021. I utilized the support and resistant lines to determine the approximate corrections.
In December of 2018 BITBAY:BTCUSD had a value of nearly $20,000 (USD). This was approximately 547 days (1 year and a half) after the Bitcoin Halvening. This was just under a 2000% gain from the previous ATH.
However in my opinion this was overvalued and the gain truly should have been 1000% if it wasn't for human greed and manipulation. I am basing my prediction on a 1000% increase from $10,000 (USD) ATH to play it safe.
So overall I predict that BITBAY:BTCUSD will be valued at approximately $100,000 (USD) in January 2022 which is 547 days after the 2020 Bitcoin Halving. I also would not be surprised if it surpasses my prediction and reaches a value of $250,000 like Tim Draper predicts.
Keep in mind this is my opinion and not trading advice. I wish I could guarantee this but I can't, happy trading.
