As a seasoned crypto investor with a few years under my belt, I’ve witnessed firsthand the unpredictable yet intriguing nature of Bitcoin’s price action. The recent surge above its 2021 peak at around $70,000 has certainly caught my attention, and I can’t help but draw parallels to past bull cycles.
Based on historical trends, Bitcoin‘s price may reach approximately $140,000 in the near future following its recent significant gain and hitting the $70,000 mark for the first time in over a month.
As a researcher studying Bitcoin’s market trends, I’ve noticed that the cryptocurrency has recently surpassed its 2021 peak price of around $69,000. This surge has sparked curiosity and debate among analysts regarding Bitcoin’s potential future direction. In fact, some are drawing comparisons to past bull cycles where Bitcoin’s price experienced significant upward momentum following new record highs.
Previously, Bitcoin experienced significant price growth after reaching new record highs. For instance, it took nearly four years for the price to exceed its previous peak of around $1,130 in 2013. Once this milestone was broken, the value of Bitcoin doubled within just three months. Likewise, following the 2017 record-high of $20,000 in December 2020, Bitcoin’s price doubled again within a short period.
As a analyst, based on historical trends, I estimate that Bitcoin’s price could potentially double and reach around $140,000 in the upcoming months.
As an analyst in 2021, I observed that Bitcoin’s price doubled within a month after it set new all-time highs, just as it did back in 2017. Based on this historical pattern and the current price trend, we can infer that if Bitcoin follows the same trajectory in 2024, its price could potentially reach around $138,000 by the end of June.
— alphanalysis.io (@Sawcruhteez) May 22, 2024
The analyst pointed out that the market’s behavior in 2021 bears resemblance to past trends, where rallies experienced declines lasting several weeks before continuing their upward trend after a significant correction. This pattern is evident in the current market scenario, which saw a 23% decrease in early May, followed by a period of comparative tranquility.
According to renowned cryptocurrency analyst Wily Woo’s recent reports, there’s a strong possibility that Bitcoin’s price may surge to new record highs due to a potential short squeeze. Bitcoin is currently hovering just below its previous all-time peak of around $73,500.
Significantly, the data reveals that institutional investors have made a strong entry into the cryptocurrency market. Following the introduction of Bitcoin spot ETFs in the US, there has been a notable surge in interest from deep- pocketed investors. Consequently, large investors, referred to as “whales,” have amassed over $16 billion worth of Bitcoin since then.
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2024-05-24 01:49