Bitcoin may experience „parabolic“ growth in 2021, similar to the price rises of the first crypt currency in 2013 and 2017. This view was expressed by Bloomberg Intelligence’s senior commodity strategist Mike McGlown.
According to him, this could happen if the patterns that were observed in the years he specified were repeated.
„New heights are the next potential iteration. It can only be a matter of time if something unexpected happens that breaks the trend of wider acceptance [of bitcoin] and the ratio of demand to limited supply,“ the analyst wrote.
The halving in May is cited by many investors as one of the main factors that could push the price of the bitcoin to new highs. The result of the reduction of the Bitcoin award from 12.5 BTC to 6.25 BTC was, for example, that the annual inflation of the Bitcoin was below the corresponding indicator of gold, the most recognized by investors of the protective asset.
The first halving took place in 2012, and at the end of 2013 the price of bitcoin rose above $1,000 for the first time.