If Bitcoin's market history continues to repeat itself I see 20,000 breaking around Jan 2021 20,000. The reason I think bitcoin's market cycles will continue to repeat itself is because the market is more pure than other markets like the quantitative easing/interest rate stock market. This is because the foundation that holds the Bitcoin
market together is more pure. The minors are the one's who work to compete for newly printed coins through proof of work. The minors are the cornerstone and foundation of the bitcoin
market. When minors are unprofitable and the has-rate is to expensive the minors then dump there coins and act as an organic resistance levels. The reason the minors do this is to stay a float for the future when the hash-rate becomes more affordable. Every 4 years there is a euphoric cycle that happens right after the halving. I believe this happens because minors become very profitable when the has-rate becomes very cheap. The cut in half of coins being able to be minted per block is what creates this. Therefor the minors never dump there coins during this 2 year euphoric has-rate period and that's what creates these amazing bitcoin
bull cycles. The minors then collect as many coins as possible during this time until the has-rate becomes unprofitable. Then 4 year halving comes around again rises rinse and repeat. Obviously investors play a big role as well but the minors are the foundation and investment demand will never be great enough to beat minors sentiment based off hash-rate. Minor sentiment is the key to bitcoin
market fundamentals and that's why the bitcoin
market cycle is so pure.