Bitcoin (BTC) Ending 2019 Under $40,000 Would Be an “Anomaly”: Why?

Over the past four days, Bitcoin (BTC) has been through it all. After rallying to surpass $13,000 for the second time this year, the cryptocurrency paused, took a breath, then decisively lost steam as bulls failed to maintain momentum.

As of the time of writing this, BTC sits at $11,300, down almost 13% in the past 24 hours. Altcoins are doing worse, with Ethereum, XRP, Litecoin, and other large-cap crypto assets slipping by more than 15%.

Related Reading: Bitcoin Hashrate Grows at Fastest Rate Ever; Will BTC’s Price Follow?

Despite this rapid decline, which effectively confirms that BTC isn’t ready for new year-to-date highs just yet, some analysts are still bullish. In fact, one new model suggests that Bitcoin will rally by at least another 200% this year, no holds barred.

Bitcoin to Hit $50,000 in 2019?

Timothy Peterson, a Texas-based crypto fund manager and Bitcoin pioneer, recently laid out the model below which plots how BTC’s performance in the first half of any given year relates to the second half’s performance.

Interestingly, the model, which can be defined as the positive slope y = 1.1409x + 0.5151, fits the trend to 90%, implying that it should be fairly accurate. Alright, so now that we have established the model, what does it predict.

Well, according to Peterson, Bitcoin gaining 180% year-to-date (effectively the 2019’s first half) implies that it has another 250% (“give or take”) left to run by the end of the year.

A 250% gain from current levels would mean Bitcoin ends the year at $40,000 — practically double BTC’s 2017 all-time high of just around $20,000. According to Peterson, even $50,000 is…

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