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Will we see another 2017 style rally now that Bitcoin price has topped USD 60,000k?

Bitcoin, the world’s most famous cryptocurrency, reclaimed the Bitcoin price $60,000 mark on Saturday after trading sideways since the beginning of the month. At 12:10 p.m. IST, the digital asset was trading at $60,675.87, up 4.5 percent, while there was trading at $2,173.63, up 4.7 percent.

Bitcoin price

After six months of double-digit returns in bitcoin price (BTC), the crypto market’s volatility has dropped in recent weeks. Experts, on the other hand, believe that a major shift is on the horizon.

Bitcoin reached a low of $777.76 in 2017 and a high of $19,497.40 in the same year. The world’s oldest cryptocurrency is up 109 percent so far this year.

Bitcoin rose 30% in March 2021, thanks to institutional demand and the passage of a $1.9 trillion Covid-19 relief package in the United States. With April becoming the second-best performing month on average, Kraken Intelligence predicts bitcoin will finish higher, tying for the longest winning streak since the cryptocurrency’s inception.

Bitcoin gained 30% in value thanks to institutional demand and the passage of a $1.9 trillion Covid-19 relief package in the United States. The second quarter of the calendar year is usually a positive yielding quarter for both bitcoin and ethereum, according to historical evidence. When looking back to 2011, BTC has returned an average of 256 percent in 2Q, while ETH has returned an average of 141 percent in 2Q.

Except for the second quarter of 2018, bitcoin has always provided a positive return in the second quarter, with an average return of 256 percent.

Given bitcoin’s end-of-March price of $58,786 and the assumption that it closes 256 percent higher in the second quarter of 2021, it could trade for about $209,000 on July 1, 2021. Using a more fitting statistical formula, a median second-quarter return of 39.5 percent, the world’s largest cryptocurrency will be worth around $82,000.

According to Kraken, if history repeats itself and ethereum rises 141 percent in the second quarter, the world’s second-largest cryptocurrency would be worth $4,643. This number comes out to $3,281 if you use the median 2Q return of 71 percent.

Source: Mint ePaper

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