Is this chart pattern suggesting bitcoin is headed to $20,000?
Bitcoin may be getting its groove back, albeit slowly. The digital currency finally snapped a record-setting, six-month losing streak by closing out February with a win, gaining 11% to finish the month just shy of $3,800.
“Looking ahead, if bitcoin were to continue following the same trend as in the years 2011-2017, the implication is that bitcoin would be bottoming approximately now and would soon begin climbing back towards its all-time high of ~$20,000, theoretically reaching that level in March 2021,” wrote Michael Graham and Scott Suh of Canaccord Genuity Capital Markets, in a research note to clients.
Read: What crypto bear market? Investment funds have poured $1.6 billion into the industry since 2018 The two analysts added improvements in scaling — the ability to process more transactions at a quicker pace — and growth in emerging market countries as other possible catalysts for a move back to the elusive $20,000 mark.Read: The ‘existential threat’ cryptos pose to traditional payments systems ‘bears watching,’ says expert
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