Bitcoin could be on its way to ,000 next year if a historical trend repeats itself once again, according to crypto trader Josh Rager. | Source: ShutterstockCrypto trader Josh Rager is a noted bitcoin bull known for his ambitious price targets. He is now predicting that the price of the flagship cryptocurrency could surge 100% in 2020 if a historical pattern repeats itself once more.Bitcoin price could set a new record above ,000Rager cites a pattern that was last seen in 2015 and 2016. At that time, the price of bitcoin rose remarkably in the first phase of the pattern (multiplying around 2.5 times), before trading sideways for a period of around six months.Josh Rager is counting on a historical trend to repeat and send bitcoin to record highs. | Source: Josh Rager/TwitterOnce the
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Crypto trader Josh Rager is a noted bitcoin bull known for his ambitious price targets. He is now predicting that the price of the flagship cryptocurrency could surge 100% in 2020 if a historical pattern repeats itself once more.
Bitcoin price could set a new record above $20,000
Rager cites a pattern that was last seen in 2015 and 2016. At that time, the price of bitcoin rose remarkably in the first phase of the pattern (multiplying around 2.5 times), before trading sideways for a period of around six months.
Once the sideways movement was over, the price of bitcoin shot up once again and doubled from around $450 to over $900.
Rager is counting on this pattern playing out again. If that happens, we could see the cryptocurrency race past the $20,000 mark sometime next year.
This current structure reminds me of 2015/2016 when Bitcoin did a 2.5x from the bottom followed by 6 months of sideways
Then out of nowhere an almost 2x in price as Bitcoin slowly trended up to new highs
One thing is for sure, I don't want to see that $9k support break pic.twitter.com/4JnYFAtLvT
— Josh Rager ? (@Josh_Rager) September 6, 2019
A credible BTC price point, but getting there won’t be easy
Rager’s claim of bitcoin hitting $20,000 in 2020 might sound sensational at first, but multiple factors could send the crypto asset beyond that mark.
Investment bank Canaccord is also betting on a $20,000 bitcoin price target, predicting that increased demand for the cryptocurrency will be a crucial catalyst for the next rally. Canaccord says that institutional investors are likely to pile into bitcoin because of its emergence as an uncorrelated asset, and this is a view that’s shared by other industry analysts.
Meanwhile, the bitcoin halving in May 2020 should be another catalyst for the price of the cryptocurrency.
So there are quite a few reasons indicating that the price of bitcoin could soar to new highs next year - even apart from Rager’s technical analysis.
But the crypto trader warns that investors need to be patient as they might have to endure “weeks of down/sideways price which makes for a slow market.”
To follow up
If $BTC price does break $9k, it's not really any reason to panic as many buyers will likely step in by high $7ks
For me, it's having to sit through weeks of down/sideways price which makes for a slow market
But patience is key
— Josh Rager ? (@Josh_Rager) September 6, 2019
Rager says that bitcoin bulls should be prepared to stomach another crash below $10,000 during this period of sideways movement. He believes the BTC price could careen as low as the high $7,000s but maintains that investors won't allow the market to dip any further.
Click here for a real-time bitcoin price chart.