Bitcoin Price Prediction – ‘Tis the Season to BUY Bitcoins? Maybe…Read on


As 2020 is ending on a high note for Bitcoin, one cannot but reflect back to the days when Bitcoin was stuck below USD 10,000 and reminisce about “what if I buy now” scenarios. Well in this article, we’re going to go back through the years and see how the price of Bitcoin reacted in each year, and try to predict how 2021 will end up.

Bitcoin Price in 2017 – A Miracle

Ahh that great year, when Bitcoin was still like a teenager, thinking he’s on top of the world and no one can stop him. Well, everything was going great actually, with slow market adoptions, making headlines in the mainstream media, to the extent that my cab driver wanted to buy Bitcoin, and store it in his “actual wallet”.

Bitcoin made 1,500 % gains in 2017, going up from a price of USD 871 and closing the year at a price of USD 13,941.

BTC/USD 1-Day chart, Flashback to the year of 2017
FIG.1 BTC/USD 1-Day chart, Flashback to the year of 2017 – TradingView.com

Bitcoin Price in 2018 – A Disaster

After thinking “I got the whole world in my pocket”, Bitcoin sunk back to its normal prices, just like a teenager getting in trouble and having the parents come to the rescue. Naysayers were super proud of themselves, thinking they “predicted” the obvious. Every good trader knows that there are no ups without any downs in any market. Saying Bitcoin is a bubble and comparing it to the Dutch Tulip Mania was all that the mainstream media was talking about.

Bitcoin lost 74 % in 2018, going down from a price of USD 13,941 and closing the year at a price of USD 3,630.

BTC/USD 1-Day chart, Flashback to the year of 2018
FIG.2 BTC/USD 1-Day chart, Flashback to the year of 2018 – TradingView.com

Bitcoin Price in 2019 – Ongoing Maturity

When you make wrong decisions and watch everything collapse, you sit and reflect on your actions. The year 2019 was exactly that, where the “teenager” sits down to work on himself to become a better “man”. It was a year where the crypto enthusiasts sat in the dark and worked behind the scenes.

Bitcoin made 101 % gains in 2019, going up from a price of USD 3,630 and closing the year at a price of USD 7,302.

BTC/USD 1-Day chart, Flashback to the year of 2019
FIG.3 BTC/USD 1-Day chart, Flashback to the year of 2019 – TradingView.com

Bitcoin Price in 2020 – EUREKA!

2020 was THE year for the cryptocurrency community to celebrate, and shove it in the naysayers’ faces. After a long consolidation under USD 10,000, Bitcoin managed to break the target price of USD 20,000 on the 16th of December 2020. Not only that, but it continued on its uptrend, eying USD 24,000.

Bitcoin made 238 % gains in 2020, going up from a price of USD 7,302 and so far is around USD 23,935 at the time of writing.

BTC/USD 1-Day chart, Flashback to the year of 2020
FIG.4 BTC/USD 1-Day chart, Flashback to the year of 2020 – TradingView.com

What’s next for Bitcoin in 20201?

Well, we have 3 potential scenarios based on the above events that happened in the past years:

  • A heavy price adjustment like in the year 2018: a bit unlikely, as the price of Bitcoin did mature well through the years, and we do have institutional investors and big tech in the game.
    • Probability of happening: 20%
  • A consolidation year: Prices will fluctuate between major support and resistance areas, which are respectively USD 18,000 and USD 25,000
    • Probability of happening: 40%
  • Another uptrend: Bitcoin prices will go on to reach new highs, which is the much-anticipated USD 30,000 price mark.
    • Probability of happening: 40%

Stay Ahead, Stay Updated, and MERRY CHRISTMAS!

Rudy Fares

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