Here’s Why Bitcoin Could Rally 100% to $18000 by the 2020 Halving – newsBTC

Bitcoin hasnt fared too well over the past week; after hitting $10,000 last weekend, the price of the leading cryptocurrency fell, tumbling from that key psychological resistance to a price as low as $8,450 (TradingView data) a drop of 15%.

While there are a number of analysts hinting that this retracement is a precursor to a deeper correction, a growing number of commentators claim that BTC is on the verge of rallying 100% (or more) towards the previous all-time high of $20,000.

Whats even more interesting about these predictions is that a few traders expect such price action to transpire over a couple of months, not the years it took BTC to move out of a bull market in 2014-2015.

Despite the fear floating around the crypto industry at the moment due to last weeks severe correction, Polar Hunt recently shared the below analysis.

The analysis, which attempts to compare the price action between the market structure in 2014-2016 to the market structure, suggests that Bitcoin is currently holding up nicely against the previous market cycle.

BTC following the previous market cycle to T, per Polar Hunts charts, will mean the asset surging to $18,000 a gain of over 100% from the current price of $8,550 by the time of the block reward reduction in May 2020.

While this may sound overly optimistic, the below chart shows eerie similarities in the market structures between the previous market cycle and the current, similarities that Polar Hunt suggests adds credence to his bullish argument.

Polar Hunt is far from the only analyst to have suggested that Bitcoin will rally near $18,000 in the coming months.

Speaking to CNBC in an interview published two weeks ago, Mike Novogratz the CEO of Galaxy Digital and a former partner at Goldman Sachs argued that Bitcoin may trade around $20,000 literally by the halving, which is in a couple of months.

While he didnt cite catalysts for such a frenzied move in that interview, the investor has previously cited central bank policy, the halving, and institutional involvement as crucial catalysts for BTCs growth in the future.

Also, Financial Survivalism the trader who called Bitcoins price action in January weeks in advance suggested in a TradingView post entitled Why I believe Bitcoin will retest All Time Highs by July 1, 2020 that BTC will trade at or above $20,000 by July 1st. He cited a confluence of technical indicators to back his point.

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Here's Why Bitcoin Could Rally 100% to $18000 by the 2020 Halving - newsBTC