The price of bitcoin has moved mainly sideways in recent months. But if you look at the development of the course over the entire year, it still looks bright. More and more analysts are therefore positive about the future. Are we going to face the same bull run as in 2017?
Bitcoin course still up in all quarters this year
No, a bull run has nothing to do with bull racing in Pamplona. It simply means a period in which the rate is structurally rising. Skew issues crypto derivatives and regularly publishes analyzes of cryptocurrency rates. According to skew, the price of bitcoin has increased every quarter this year. This is reminiscent of 2017, when there was not a single negative:
Bitcoin is up every quarter this year – could we get a similar vintage to 2017? pic.twitter.com/b1LJyA1Khk
– skew (@skew_markets) September 6, 2019
The second quarter of 2019 in particular is striking. With an increase of 161.5 percent, the second quarter gives the highest Return Of Investment (ROI) since the end of 2017. So old times revive!
Bitcoin course is now reminiscent of 2015 and 2016
Analysts like to look at repeating patterns. Results from the past, of course, offer no guarantees for the future, but can nevertheless provide you with tools. The rate of bitcoin moves in cycles.
Josh Rager regularly analyzes the price movements of bitcoin and puts his findings on Twitter. Rager sees many similarities with the bitcoin course in 2019 and the course of 2015 and 2016:
This current structure reminds me of 2015/2016 when Bitcoin did a 2.5x from the bottom followed by 6 months of sideways
Then out of nowhere and almost 2x in price as Bitcoin slowly trended up to new highs
One thing is for sure, I don’t want to see that $ 9k support break pic.twitter.com/4JnYFAtLvT
– Josh Rager ? (@Josh_Rager) September 6, 2019
In August 2015, the price of bitcoin quickly jumped up. That reminds him of the end of December 2018 up to and including May 2019. Then the value of bitcoin also increased.
During the first months of 2016, the course moved mainly sideways. Rager expects that the bitcoin course will now also move sideways for a few months. He therefore does not predict any major price movements in the coming months.
After the course has gone sideways, the value of bitcoin makes another jump. That is, if bitcoin continues to follow the pattern of 2015 and 2016. Rager thinks that we can expect that jump at the beginning of 2020.
That period does not have to be a coincidence, because then the bitcoin block halving takes place. This means that less bitcoin is released on the market every ten minutes. The price of bitcoin is a game of supply and demand, and with a decrease in new supply the price can rise.