Cryptocurrency trader Josh Rager alleges that the Bitcoin price could double if it follows the same pattern as during the 2016-2017 bull market.
Backed then, the BTC price rose from its bear market low of $220 to $550, which mirrors Bitcoin’s ascent from $3,100 to $13,700 in 2019. After that, back in July 2016, Bitcoin skyrocketed to $900 out of nowhere. Hence, it is not unreasonable to expect a 2x increase this time around given the cyclical nature of this market.
According to Rager, the main challenge for BTC is not to plunge below the $9,000 support level. However, even if Bitcoin does experience another severe correction, he predicts that buyers will be back in the game in the upper-$7,000 region.
The major drawback of this bearish scenario would be sitting through weeks of sideways trading.
As reported by U.Today, John Bollinger, the creator of the Bollinger Bands indicator, expects a major price move in the short-term. Speaking of the long-term, Bitcoin’s power-law growth model shows that the coin will be worth no less than $100,000 by 2028.