Bitcoin, while demonstrating a slight price increase, continues to trade below $7,000. The cryptocurrency market has been swinging this year, forcing us to forget about earlier demonstrated unrestrained growth. Analysts predict a further drop in the bitcoin price, still insisting that it will be followed by subsequent rapid growth.

Bitcoin traded just above $6,700. The capitalization of the first cryptocurrency remains below $120 billion. And the total capitalization of the cryptocurrency market still can not return to its previous highs and currently does not even reach $220 billion.

In the short term, bitcoin will continue to fall, possible reaching $3,000, supposes founder of Morgan Creek Digital Assets and well-known bitcoin enthusiast Anthony Pompliano.
According to his estimates based on the study of parabolic growth of the bitcoin price, bitcoin will be able to reach $50,000 in at least 4 years. In order to determine the period of recession, Pompliano studied movements of bitcoin prices from his birth and found out that every new take-off "to the moon" needed more and more time. So, if the first rapid rise in the bitcoin price in 2010-2011 took just over 300 days, then the second one in 2011-2013 required 900 days. The last jump in the bitcoin price, when it touched the level of $20,000, took almost 1500 days from 2013 to 2017.

Pompliano also predicted that the current bear market will last about 650 days.

Still, sooner or later, bitcoin will reach $60,000, wrote co-founder of former BTCChina crypto-exchange Bobby Lee. He expressed confidence that bitcoin will rise in price to $60,000 in the coming years, and its capitalization will reach $ 1 trillion.

"That will be a huge #milestone for $BTC, and it‘ll lead to more price stability, higher global liquidity, and even faster adoption worldwide," Lee wrote on Twitter.

 

One of the factors that will contribute to the growth of bitcoin is the reduction of miner's reward for mining the block. The next halving will act as a catalyst for the growth of the bitcoin price, believes the head of the research department of Blockchain Gerrick Heilman.

“In the months leading up to the last two halving events, we saw bitcoin’s price steadily trend upward, and then power higher following the reward halving,” Blockchain research head Garrick Hileman said in May.

During the first halving, which took place on 28 November 2012, BTC was trading at $12. By the second halving on 9 July 2016, it went up to $657. The third halving will take place in the middle of 2020, and the reward for mining the block will drop from 12.5 to 6.25 BTC.