Story by: Nick Chong
After Bitcoin briefly breached $20,000 in December of 2017, the cryptocurrency began a precipitous decline, with its price plummeting from the heights of five digits to $3,150 within 12 months’ time, representing an 80% decline.
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Since the decline began, crypto investors across the board have been wondering when Bitcoin will find itself above $20,000 again, or more specifically, they’ve been wondering when BTC will put in a new all-time high.
According to a prominent trader — one who called Bitcoin’s decline to the $6,000s literal months ago — this high is likely to come in around the start of 2021, just 12 to 15 months away from now.
Bitcoin To Hit $25k In 2021: Elliot Wave
Dave the Wave, a popular cryptocurrency trader, recently noted that Bitcoin may see some bearish price action in the near term, but will soon restart its long-term bull trend that will bring it to $25,000 — 270% higher than current prices — by the start of 2021.
He specifically cited a five-wave Elliot Wave bull run, which will see Bitcoin bottom in the next few weeks before a surge to $25,000, see a brief correction, then finish the bullish run above $100,000.
Still looking for this to play out… https://twitter.com/davthewave/status/1204593714762371072 …dave the wave@davthewave
One for the Elliot wave fans…
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To add to his accolades, Dave has been relatively accurate in calling the short-term price action, further giving credence to his optimistic Bitcoin prediction.
Others Agree With Lofty Sentiment
Even if you don’t agree with Dave’s assessment that Bitcoin will put in a fresh high at the start of 2021, two prominent investment fund managers in the crypto industry agree with his analysis. The fund managers, Travis Kling, current CIO of Ikigai Asset Management and former Point 72 portfolio manager, and Mike Novogratz of Galaxy Digital.
Both of these prominent Bitcoin analysts have asserted in recent interviews that they believe that the leading cryptocurrency will top $20,000 and hit a new all-time high by the early-2021 region.
Speaking to CNN’s Julia Chatterley in a recent segment for “First Move” in October, the former Wall Streeter turned cryptocurrency fund manager and investor, Novogratz said that he expects for Bitcoin to hit $20,000 in 18 months’ time. This would represent a 180% move from current levels if it plays out.
This came shortly after Kling said that by late-2020 or early-2021 — around 18 months from now — the Bitcoin price is likely to have surmounted its previous all-time high to establish a new one.by