The leading cryptocurrency Bitcoin (BTC) has broken record after record in recent months, renewing its all-time high (ATH) several times. In such an environment, many are wondering when and at what level the 2021 peak will be recorded.. Analysts answer this question based on historical data.
When and at what level will Bitcoin’s 2021 peak be?
One of the pioneers of cryptography, the CEO of Blockstream, who invented Hashcash used in the Bitcoin mining process, Adam Back shared a tweet answering this question.. According to him, the Bitcoin market will peak in mid-September 2021. So, what levels are waiting for BTC?. Back on Twitter:
“If the current market follows the previous ones, it will peak in mid-September 2021, the geometric average is about $500,000, the 2017 analog is $300,000, and the 2013 analog is $800k. ”
if the current market tracked previous it’d peak mid-Sep 2021, with geometric mean about $500k, vs 2017 analog $300k and 2013 analog $800k. (@therationalroot has rebased graph at point of exceeding previous ATH, and then overlaid percentage increase since) https://t.co/koZp1NMJmq
— Adam Back (@adam3us) April 24, 2021
Adam Back (@adam3us) also shares the chart prepared by another cryptocurrency charting expert.. Back states that the user named “Root” (@therationalroot) calculated the rises here as a percentage, based on the points where the BTC price exceeded the previous ATH values.. The result is a BTC ATH value estimation graph like the one below.
Sharing the graph above, Root says: “This is starting to happen in a very similar way.”
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Bitcoin, which started 2020 at about $7,000, exploded at $10,000 in October 2020. BTC price has since hit over $60,000. As a result, Bitcoin market value has exceeded 1 trillion dollars.
Although Bitcoin is currently correcting up to $50,000, as mentioned above, the future expectations of experts are positive.. See our article below on the latest developments in BTC price:
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