How high can bitcoin fly in the ongoing bull run? Thats a question on tradersminds after the cryptocurrencys price jumped fivefold since October.
According to Bloomberg bitcoin (BTC) analysts, the price could climb as high as $400,000 this year, from about $56,000 now. The uber-bullish prediction is based on bitcoins performance during the 2017 and 2013 bull runs.
Our graphic depicts bitcoin on similar ground as the roughly 55x gain in 2013 and 15x in 2017, Bloomberg Crypto noted in a monthly report published this week. To reach price extremes akin to those years in 2021, the crypto would approach $400,000, based on the regression since the 2011 high.
Related: State Street Aims to Start Cryptocurrency Trading in the Middle of 2021
While past performance is no guarantee of future results, history might rhyme. The latest bull run comes in the wake of last Mays reward halving on the Bitcoin blockchain an automatic, every-four-years, 50% reduction in the pace of new issuance of units of the cryptocurrency.