Earlier this year, prior to the recent Bitcoin (BTC) surge to and past $6,000, we reported that Canaccord Genuity Capital Markets, a Vancouver, Canada-based financial services firm, claimed that the leading cryptocurrency could rally to $20,000 by March 2021. At the time, however, this prediction, deemed rather optimistic by some (as then BTC had yet to embark on a bear market recovery), was unbacked, and little was explained.
But, the analysts who made this statement recently broke down this prediction in a research note obtained by CoinDesk. In it, they explained that as it stands Bitcoin’s chart looks eerily similar to the cycle seen from 2011 to 2015. And thus, they noted that if BTC follows its historical trend to a tee, it will see a “slow climb back toward its all-time high of ~$20,000, theoretically reaching that level in March 2021.”