Calm before the storm? Analyst says $20K Bitcoin possible in 3 months

Calm before the storm? Analyst says $20K Bitcoin possible in 3 months


The price of Bitcoin (BTC) has been consolidating within a tight range for several months. If the top cryptocurrency successfully breaks out, Bitazu Capital founding partner Mohit Sorout says a record-high would be imminent.

Since July 2020, Bitcoin has been ranging between $10,200 and $11,800, a 15% range. It has seen subdued volatility for a prolonged period, except for some short instances of a volatility spike.

When Bitcoin stays stable for a long time in a tight price range, a major price movement typically occurs. 

Whether a breakout would occur in the near term or not remains an uncertainty. But if it happens, Sorout says it would take three months for BTC to hit $20,000.

The daily Bitcoin chart with a trendline. Source: TradingView.com, Mohit Sorout

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Why three months for a Bitcoin all-time high following a breakout?

Based on previous price cycles, Bitcoin tends to move fast after existing a long-range. The pattern historically applied both breakouts and

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