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Can Bitcoin Hit $20,000 USD in Three Months?

Mohit Sorout believes that Bitcoin price will break out in trading value to see $20,000 USD within three months.

Bitcoin’s price has been consolidating within a tight bracket recently, which could lead to a record-high if it breaks out, according to Bitazu Capital founding partner Mohit Sorout.

Looking at the data from the token since the middle of the year, Bitcoin has been in a tight bracket, ranging between $10,200 USD and $11,800 USD with minimal volatility. Historically, when the leading cryptocurrency sees stability for a prolonged period of time, it breaks out in a direction. Sorout estimates that should Bitcoin hit a breakout, it will be through barriers of resistance rather than a decline. He suggests that should this happen, Bitcoin will be looking at $20,000 USD once more (the price of the cryptocurrency at the peak of its bull run in 2017) within three months.

Bitcoin breakout within 3 months if tight range continues

This time period is taken by considering data from previous trends and price cycles. Historically, Bitcoin has moved quickly in a direction after trading in a long non-volatile range. Looking at the time between May and June, Bitcoin ranged securely around $9,100 USD. After trading in a tight range, it broke out to hit a 32% rally within just twelve days of increasing values.

He explained that this comes from observing the trends and volatility of Bitcoin, noting:

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

The stock-to-flow (S2F) model creator PlanB echoed the bullish sentiments, pointing towards a possible reason Bitcoin has been in a tight range recently. The anonymous expert believes that there is a bull run on the way if the charts are anything to go by:

Posted: Oct 18, 2020 Author: Becky Categories: Bitcoin News