The market continues to accumulate from the recent downfall. As enthusiasts wait to board a skyrocketing move by coins from the crypto industry. The market cap of the crypto space is currently up by about 1.8% at $2,748,302,366,056. The dominance of Bitcoin on the other hand is 41.1%. Meanwhile, the crypto proponent anticipates a massive rally, that could take BTC price higher in 2021.
This Is Where BTC Price Is Heading!
The analyst mentions that he is pretty much convinced that the market will top out on a level most of the people are not expecting it would. He further elaborates that, the rise could be higher than the anticipated level of plan B or way higher. In addition, several traders believe the levels below the recent ATH to be vital entry points.
Several analysts have been envisaging a run like that of 2017. As the price movements of Bitcoin have been rhyming with that of 2017 since June. And as veterans say, history doesn’t repeat, but sure does rhyme. We can look forward to a possible outcome. The chart represents BTC prices following the path from 2017.
Crypto proponent mentions that the dip in mid of November 2017, was close to 40%. Which the market is nowhere close to currently. He further brings up that, the third week of November 2017, rose the price by 300% from about $5,500 – $5,800 to $20,000. If BTC follows a similar rally, the price could shoot up to levels of $180,000 to $200,000. Which is a 300% gain from current stats.
Is A Massive Rally Imminent?
There are several catalysts fueling for a massive rally, that could follow. The balance on exchanges continues on a downtrend. This means there is a lack of supply to cater to the demand. In addition purchase orders are on a constant rise in the dip. Moreover, the third-largest Bitcoin whale has been actively buying the dip.
Consecutively, Bitcoin miners continue to hodl their mined bitcoin. And Institutional adoptions keep rising. Which holds the potential to take BTC price valuation leaps and bounds ahead of current value. Fidelity launches Canada’s first institutional Bitcoin custody service. The aforementioned factors could make way for a massive rally.
Collectively, investors and traders remain keen on buying the dip. And trade volumes are on a constant rise around the $60,000 price mark. While the fear and greed, index hints at neutral. Traders are optimistic about BTC prices claiming the levels of $90,000 to $100,000 by the end of the year. From historic price movements.