Bitcoin has been all the rage during the past week, as bullish sentiment drove the premier cryptocurrency over $9,000. Nevertheless, one analyst is now suggesting that Bitcoin could rally to a staggering price of $152,000 by year-end.
Bitcoin on track for $152,000 by December
Specifically, this prediction comes from the Bitcoin analyst and developer “Crypto₿ull”. Crypto₿ull sent out a tweet on January 30th which got thousands of likes and comments. In it, he points out that the price of Bitcoin has risen by a solid 32% just during January.
Moreover, if Bitcoin continues this trend throughout all of 2020, it would amount to a Bitcoin price of $152,000 in December of this year. Although nothing is given, it is a quite interesting thought. These compound gains would then utterly dwarf Bitcoin’s spectacular race to $20,000 in late 2017.
“Bitcoin is up 32% this month. If we go up 32% every month this year we will be at $152,000 in December.”
Is 32% Bitcoin gains per month realistic?
Some of the comments on Crypto₿ull‘s post argue that this reasoning is an oversimplification. Moreover, some say that gains of 32% a month are “unrealistic” and that “nothing goes in a straight line”. Although these comments are true, they ignore that the January gains are not a “straight line” either, and instead an average of the month’s gains and losses.
As such, Crypto₿ull‘s approximation still makes some sense when considering the post’s criticism. Furthermore, Crypto₿ull also states that such a rally would not be without precedent. Rather, he argues that Bitcoin’s price rally during 2017 proves that such yearly gains could be possible.
“2017 opened at $960. It reached as high as $19,666 in Dec. That equals an average of 32% every month. […] 32% every month is unrealistic. Throw a couple of 78% months in there with the 15% months to spice it up and you’ve got yourself bull stew.”
This comes as Bitcoin is turning bullish
With this said, there are numerous bullish indicators that suggest 2020 could be a monumental year for Bitcoin. During the past few days, Toshi Times reports reveal that a crypto bull run could be around the corner, according to numerous technical indicators.
Yesterday, a report by Bitcoinist noted that Bitcoin could surge to $28,000 in the coming months. According to the report, this prediction relates to how Bitcoin’s 50-day moving average is approaching the 200-day moving average.
This could precede a “golden cross”, which sent the price of Bitcoin skyrocketing in 2019 with a 200% surge. Moreover, Fundstrat’s Tom Lee agrees with this prediction, saying that 2020 could be a “great year” for Bitcoin.
“Bitcoin moved back above its 200-day moving average on 1/27… positive milestone and reinforcing 2020 shaping up to be great year for $BTC”
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.