It looks like the price of Bitcoin Millionaire will reach $75,000, and that could happen „in a matter of weeks,“ one analyst discovered.
In uploading a new BTC/USD price chart to Twitter on June 7, Timothy Peterson of Cane Island Alternative Advisors discovered a strange similarity to Bitcoin in 2013.
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Peterson notes the „near perfect“ correlation of 2013
In tracking Bitcoin’s price recovery from its mid-March low of USD 3,600, Peterson noted that its recovery almost exactly tracked the price action of seven years ago.
The result, he argued, could sustain the imitative movement: BTC topped USD 1,300 in 2013, and a similar 700% rally to today’s prices would give a target of USD 75,000.
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„The #bitcoin recovery in 2020 has followed the 2013 recovery almost seamlessly,“ he summarized.
„Are we weeks away from $75,000?“
Bitcoin price chart showing various recoveries
The Mt. Gox factor
While such an increase seems unlikely, Bitcoin is already showing strong signs that it’s in recovery mode from lows that will never come back.
Specifically, mining activity and associated data have been mimicked in December 2018, when Bitcoin recovered from a one-year bear market to USD 3,100.
However, comparing the current Bitcoin market to that of 2013 is almost impossible. At that time, Mt. Gox was the only major exchange, imploding to cause a massive price drop. Many argue that Mt. Gox was responsible for the rebound to $1,300.
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Other analysts are much more sober about the prospects for 2020. According to Cointelegraph Markets‘ filbfilb, there is little consensus on a major break above even USD 10,000 this year.
To seal a stronger market, the BTC/USD would need to find support at USD 10,500, something that has eluded the bulls since last year.