PrimeXBT research: Various Projection Models Suggest Impending 400% Surge For Bitcoin

With the FED starting to dial back its asset purchases at the end of this month, some traders are worried that the price of Bitcoin would be affected. However, barring a brief 2% dip on the day of the FED announcement, the price of Bitcoin has recovered and looks poised to claim yet another ATH.

Many traders have been comparing the current rally with the 2017 and 2013 bull runs, and the 2013 one has so far been the most accurate, with the price trajectory almost inch by inch in line with the current bull market. One particular investment advisory firm, Global Macro Investor, has even done an overlay of the Bitcoin 2013 bull run chart movements with the current price movement.

From the above chart overlay, we can see that Bitcoin, if it follows as closely to the 2013 path as before, is due for a large price upswing this month and December which can take it up to a high of around $280,000.

Another model, which has been equally accurate is the S2FX Model by independent BTC analyst PlanB.

According to the S2FX Model, the price of Bitcoin is also due for a quick up move. The target price for this model is ever higher, at close to $500,000. Another more popular model also by PlanB has a more conservative estimate, but it also projects Bitcoin to surge to almost $400,000, to then fall back to $100,000 after 2022.

A more interesting comparison has been with the share price of Tesla. Some proponents think that the price of Bitcoin closely follows that of the tech giant since both are in nascent industries that could bring about big change to our economies. Indeed, looking at the chart overlay of Tesla and Bitcoin, it does seem that the Bitcoin price trajectory has been trailing that of Tesla by around two-months. With the price of Tesla now moving into an explosive stage, the price of Bitcoin could follow in the same pattern soon.

With various projections pointing towards a spectacular rally in November and December, there is a chance that the market could self-fulfil and bring the explosive price move to pass as traders all gear up to make large purchases in anticipation.

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