Bitcoin has been trading up and down over the past few weeks with the price trying to break and stay above the $10,000 level unsuccessfully. This has created mixed feelings among investors and traders due to the growing uncertainty about the digital asset’s next moves. Despite this, one analyst believes that the leading cryptocurrency is set to surge drastically to reach a price of $75k within weeks.
Cane Island Alternative Advisors’ Timothy Peterson made the bold prediction via a tweet on June 7 in which he referenced the BTC/USD price chart. According to Peterson, Bitcoin’s price chart is perfectly repeating its 2013 bull run that saw the cryptocurrency’s rise by 700%. The cited chart that track’s the virtual asset’s price movements from mid-March reveals some strong correlation from its recovery some seven years ago. Back then, Bitcoin rose to reach new high of $1,300 following its remarkable rise.
Now, Peterson notes that the digital asset could keep up a similar trend to 2013 as it continues its price recovery since March when it hit lows of around $3,600. If this happens, then there is a likelihood that Bitcoin will reach as high as $75,000 based on current prices. Most interestingly, Peterson provocatively asked if this was likely to occur within weeks.
— Timothy Peterson (@nsquaredcrypto) June 7, 2020
The recent bitcoin price behavior suggests that this occurrence is highly unlikely as the virtual asset value has stagnated below the $10,000 level. Nonetheless bitcoin has significant indicators that it will have a prolonged recovery with little possibility of reaching new lows. A sharp rise similar to that of 2013 will however require some unexpected external trigger to initiate a sustained bull run.
For instance, it is widely suggested that the Mt. Gox exchange was largely responsible for the 2013 bull run. Back then, Mt. Gox was the only major crypto exchange with majority of BTC/USD trades occurring on the platform in the lead up to the $1,300 peak in 2013.
In this respect, some crypto analysts feel that bitcoin is set to have a major breakout this year. However, some of these predictions are more conservative with little belief that the leading cryptocurrency could have a massive surge like in 2013 and 2017 bull runs. Greater consensus lies on the possibility that bitcoin will retain its upward momentum with steady price increases that will lead up to a new all-time high. Whether this price will be $75,000 in a few weeks remains to be seen.
Image courtesy of Flickr
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