Bitcoin
$19,696.11 8.29%
BTC · 6w

Analyst: Bitcoin May Reach $20K Within 3 Month

For months, the price of Bitcoin (BTC) has been consolidating within a narrow range. Mohit Soroutt, founding partner of Bitazu Capital, said that if the top cryptocurrency breaks out successfully, it will reach an all-time high.

Since July 2020, the price of Bitcoin has been ranging between $10200 and $11800, with a range of 15%. With the exception of some brief volatility spikes, it has been subdued volatility for a long period.

When Bitcoin remains stable for a long time in a tight price range, a large price change usually occurs.

Whether Bitcoin will break through in the short term is still remains an uncertainty. But Sorout states it would take three months for Bitcoin to reach $20000 if it really makes a breakthrough.

The daily Bitcoin chart with a trendline. Source: TradingView.com, Mohit Sorout

Why three months for a Bitcoin all-time high after a breakthrough?

According to past price cycles, Bitcoin tends to rise and fall rapidly after a long-term cycle. This pattern historically applied both breakouts and breakdowns. 

From May 1 to July 20, the price of Bitcoin fluctuated between $8,800 and $9,800 and stabilized at around $9,100. After two months of consolidation, BTC rose 32% on Binance within 12 days to $12,123.

Considering that Bitcoin will fluctuate sharply after a long period of consolidation, Sorout stated:

"Calm before the storm. If $BTC was to break out today, it would most probably reach its previous ATH of $20k within 3 months."

When asked why it took three months for Bitcoin to reach the previous $20,000, Sorout stated that it is based on observations of volatility.

According to Sorout, the price of Bitcoin may even rise to $20,000 earlier than three months. He points out:

"An observation based on how violent the rallies are after subdued periods of volatility. Could even be earlier."

Compared to previous bull markets, one vital variable to pinpoint...

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