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There is a lot of speculation going on about the price of Bitcoin (BTC) in recent weeks.
So, one possibility, according to Mike McGlone, is that the price of the cryptocurrency will follow a parable in 2021.
This will happen if the cryptocurrency behaves similarly to the bull markets of 2013 and 2017.
Bitcoin may show the 2017 trend again
The opinion on the behavior of the crypto was published by McGlone on Twitter:
“The price of Bitcoin could form a parabola in 2021, similar to what happened in 2013 and 2017, if the patterns are repeated. New price records are a possibility and it may only be a matter of time before something unpredictable drives the relationship between the increased adoption of Bitcoin and the limited supply of the cryptocurrency, “McGlone said.
In this way it is possible to observe the trend in the positions circled by McGlone on the graph.
Also, in 2013 and 2017, the price of BTC skyrocketed. In fact, the currency price record was set in December 2017, when BTC was worth around $ 20,000 (around R $ 70,000 at the time).
Additionally, it’s worth mentioning that McGlone is Bloomberg’s senior commodity strategist.
Users disagree on the future of Bitcoin
Most cryptocurrency enthusiasts are optimistic about Bitcoin’s future.
Currently, the “index The fear and greed of Bitcoin “shows that the market is” greedy “.
The index goes from 0 to 100, or from fear to greed. He currently stands at 71 points:
So, in the opinion of one follower from McGlone, the institutional adoption of Bitcoin will drive up the price of cryptocurrencies.
Despite this, another enthusiast pointed to a possible cryptocurrency price retraction:
“There will be a retraction [no preço do Bitcoin] during the next stock market crisis. “
Finally, for Anthony Acquadro, BTC’s hit is unavoidable:
“O bull run [disparada] Bitcoin is inevitable. Scarcity is becoming increasingly scarce. Congratulations. “
Also Read: Bitcoin Seeks $ 3 Million By 2023, Investor Defends
Read also: Bitcoin rose 65% after the 2016 US elections; Will history repeat itself?
Also read: PayPal has a huge demand for Bitcoin and generates queues
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