As Bitcoin keeps garnering the attention of traders and financial advisors from around the world, a financial advisory firm Canaccord Genuity has predicted that Bitcoin’s price will reach a staggering $20000 by 2021. This prediction is based on the retrospective projections in the analysis from May 9.
The report has been made by studying the price charts for different eras of the Bitcoin history and studying the charts of the rising and falling prices of the Bitcoin in those times. Bitcoin has shown to be following some patterns when it comes to the way it reacts to the market from time to time.
If these reports are right and the prediction comes true, traders would rejoice because of the risks they took when they bought Bitcoin in its lowest. Most of the people who had lost their crypto assets in the Bitcoin fall last year seems to be still positive about reaching higher ground in the coming days.
Caution in the report
As Canaccord Genuity made this prediction, it also warned that it is based on observations of a pattern and could not be taken as fundamental analysis. It means that there wasn’t any in-depth analysis of the Bitcoin market. However, these patterns sometimes make sense, it cannot be neglected either.
What remains to be seen is if these predictions will still stay if there are fluctuations in the market in the near future. Bitcoin’s volatility makes it hard to make accurate predictions but since Crypto enthusiasts are always optimistic about it, maybe this time it would soar and bring them an ounce of relief.
Whatever be the case, one thing is certain. Bitcoin is strong today and probably will be for the next few days too but what happens after that can only be predictions, and no certainty has ever been shown in them. It’s only hope and good faith that keeps people in the Bitcoin community and the result of it all will only be told by time.
Compared to Other Cryptocurrencies
So far, Bitcoin is ruling the crypto market. As the leading coin in the crypto economy, it has made name for itself as being the leader of the gang. It might stay the same unless some other coin takes over which seems highly unlikely looking at the price differences between them.
But again, these are things being said that aren’t certain because nothing is absolutely certain in these markets and cannot be. It has always been this way and probably will. Investing in assets as such is as close to gambling as it gets, a little bit of science and a little bit of luck.