Bitcoin exhibited a similar pattern to its price action between July and September 2020, and bulls are anticipating the same bullish outcome.
The total crypto market cap dropped by 2.76% over the past 24 hours to $3.84 trillion, amid a broader market retracement. Specifically, Bitcoin retested $117,000, while major altcoins, including XRP, Solana, and Dogecoin, suffered more significant losses.
Nonetheless, Bitcoin has reclaimed $118,800 today and is still up 27% since the start of the year, fueling optimism that it could rally again in the near term. Further backing this sentiment is a recent analysis that highlights the similarity between Bitcoin’s price development now and back in 2020, when it traded around $11,000.
After a successful retest, Bitcoin started another phase of parabolic movement, which endured until its April 2021 peak of $64,900. Then, Bitcoin experienced its first major correction from the bullish rally that began at around $10,000 in September 2020. It dropped to $28,754 in June 22, 2021, before resuming an uptrend to the cycle’s peak at $69,000 in November 2021.
Interestingly, Borovik shared that a similar pattern formed on Bitcoin’s recent chart. For perspective, BTC surged after breaking out of a descending channel on November 6, 2024, rising from $69,404 to a peak of $109,354 on January 20, 2025.
However, a downtrend ensued, pushing prices down to retest the support. Bitcoin dropped to $74,441 on April 7, marking the retest. From there, it regained bullish momentum, pumping to its recent all-time high of $123,181.
Bitcoin Going to $500,000
Borovik suggested that, if the 2020 to 2021 rally is anything to go by, then Bitcoin is likely to reach $500,000. Interestingly, this marks a 320% rally from its current price of $118,804 and would also take its market cap to $9.95 trillion.
Notably, his prediction aligns with that of Binance’s co-founder Changpeng Zhao. He predicted that Bitcoin would reach between $500,000 and $1 million this cycle amid a massive institutional influx.
However, Standard Chartered has a different view on when Bitcoin could attain the $500,000 price mark. The top banking institute projected that BTC will reach the price valuation in 2028, three years from now.