A reading of the historical data paints a promising picture for Bitcoin's potential growth in 2021.
Analysis of Bitcoin (BTC) price action dating back to 2011 suggests the coin price could next top out somewhere between $75,000 and $306,000, research from Kraken shows.
Based on one reading of a logarithmic growth curve that connects historical tops and bottoms, a coin price of $75,000 would signal Bitcoin’s entry into overbought territory, marking the end of its current bull run.
“Based on previous cycles, Bitcoin could likely continue appreciating gradually in price before ultimately going parabolic and hitting resistance, which will signal the end of its fourth bull market cycle,” the report states.
Analysis of historical price retracements throws up some even bolder predictions.