Bitcoin Price Update
Bitcoin Price Prediction 2019
From the Dec 6, 2013 high, it took 625 days for the price to bottom out on Aug 17, 2015. If we apply the same timeline to the 2017 correction, the price is predicted to make a bottom near $3000 on Sep 4, 2019. This validates predictions made based on the RSI.
To determine the possible price at the end of 2019, we assess that there are 119 days between Sep 4 and Dec 31, 2019. 119 days after the Aug 17, 2015 bottom, the price of BTC was $460, which is a 58% from the Dec 6, 2013 high.
Bitcoin Price Prediction 2020
On Dec 27, 2015, the price was trading at $460. Relative to the 2013 correction, this is the day which corresponds with the price at the end of 2019. Therefore, we use the price on Dec 27, 2015, to make a prediction about the price at the end of 2020.
The price on Dec 27, 2016 was $960. This represents a 15% loss from the high of $1171.
Applying the same rate of loss to the $19891 high, we get prices around $17,000 for the end of 2020. A more specific range would isolate prices to likely between $16,500 and $17,500.
Summary of 2019 and 2020 Price Analysis
There are several similarities between the 2013 and 2017 corrections—namely the degree of price fluctuations, the length of time taken to generate downward movement, and rapid price increases preceding gradual decreases.
The following predictions are made with the assumption that price will follow the pattern laid out in the previous correction and on the time tables we defined:
A bottom of $3000 for BTC around early September 2019—our prediction suggest Sept 4
The price will reach $7000 by the end of 2019—and should be trading between $6500 and $7500 as we move into 2020.
The price will be between $16500 and $17500 in December 2020.
Until these prices are validated, the patterns we define cannot be considered accurate indicators of future prices. Validation of these prices, however, would also validate the accuracy of the pattern we have isolated. At the end of 2019, we will return to these predictions to assess whether the pattern appears to be holding true or not.