Analysts at Canaccord Genuity expect to see a little bit of history repeating.
In a research note sent to the investment bank's clients Thursday, analyst Michael Graham and associates Matthew Volpe and Alexander Frankiewicz predicted a return to bitcoin's stratospheric late-2017 high over the next 24 months.
The analysts also noted more movement in the crypto markets, saying that about "7 million bitcoins have been shaken out of 'Cold' (not active for at least six months) status and have begun trading hands again."
Since no one knows what the future holds, the analysts overlaid two past performances over each other, noting that with each halving of the block reward, the bitcoin price rose dramatically. The next halving is expected in 2020.
The team also points to increased Wall Street interest in cryptocurrency as a catalyst for price growth, writing:
The Cannacord analysts' bottom line: It's looking good.
"In any event, bitcoin is so far one of the best-performing assets of 2019," they wrote.