2020 is now the best year ever for Bitcoin. Or, more specifically, the average Bitcoin price in 2020 is the highest that it has ever been, based on a volume-weighted average price. Furthermore, this news comes as a crypto analyst suggests Bitcoin’s bull run could last until September 2021.
Average Bitcoin price is higher in 2020 than ever before
The news that 2020 is the best year ever for Bitcoin comes from a recent tweet by James Todaro. Todaro is the managing partner at Blocktown Capital, an investment fund focusing on crypto and blockchain.
Todaro’s chart, available above, shows that the average price of Bitcoin in 2020 is higher than even 2017 and 2018. Although the most well-known Bitcoin bull run to $20,000 took place in 2017, this came during 2017’s end.
As such, even this massive bull run did not manage to bring the average Bitcoin price above $10,000. In fact, the average Bitcoin price in 2017 was $6,125, in comparison to 2018’s $7,657 and 2019’s $7,489. However, 2020 is the clear winner here, with an average Bitcoin price of $9,120.
Bitcoin bull run could last over another year
Interestingly, the ongoing Bitcoin bull run could also last for the foreseeable future, according to another crypto analyst. The crypto investor known as CryptoKea on Twitter argues that historical data supports a bull run until September of 2021.
CryptoKea looks at the relationship between Bitcoin price tops and price bottoms during halving events. Specifically, this reveals a pattern, visible below, that indicates Bitcoin could continue its price surge until September of 2021:
“During the last two #Bitcoin bull cycles, price bottoms and tops fluctuated around halving dates in an almost equal ratio. If this relationship were to hold true, we still have more than 570 days of bull market ahead of us, with a cycle top coming in around Sep 2021.”
1,000 days of crypto rally
If this prediction is indeed accurate, it likely means that 2021’s average Bitcoin price could dwarf even 2020’s current average. Moreover, it would result in a Bitcoin bull run that lasts approximately 1,000 days – stretching from February 2019 to September of 2021. It also ties into other recent suggestions that the Bitcoin halving could boost the premier crypto’s price.
With that said, however, this is naturally not a given. Rather, CryptoKea cedes that there is inherent uncertainty in any predictions. Nevertheless, CryptoKea also notes that although history rarely repeats itself, it does rhyme:
“To make any prediction, this relationship might eventually not be pure coincidence ether (e.g. Stock-to-Flow driven hodl behavior could be one out of many reasons. We all know history never repeats itself … BUT it often rhymes.”
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain 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.