Ark Invest’s Yassine Elmandjra is confident that should Bitcoin’s historical trends repeat for a third time, the token will witness a 10x growth rate. Analysts are confident that the bull cycle Bitcoin (BTC) has shown is an indication that it is copying previous behavior and its price could reach $400,000.
Yassine Elmandjra, a cryptoasset analyst at asset manager ARK, tweeted on Feb. 4 that BTC/USD has begun its bull run early. This is a good thing as the token has a bigger room for improvement by starting the upward trend early.
When one looks at the 2013 and 2017 charts, the 20202-2021 cycle is just off the start line. The BTC/USD hypothetical chart suggests that the top in this cycle could touch $390,000. In one of the comments to his tweet, Elmandjra added that the $390K figure comes from the speculation that BTC’s current bull market will dwarf the 2017 bull market in a manner similar to the way the 2017 bull market dwarfed the 2013 bull market.
Looking at the hypothetical chart based on previous BTC/USD market price behavior, the speculation might as well turn into a reality. Elmandjra is not alone in noting that the bullish upside of Bitcoin is just beginning. Tuur Demeester, a fellow analyst clarifies that when addressing increases, the 2013 bull run beat the 2017 cycle.
Various factors will determine the true power of the latest bull run. Recent comparative data reveals that this year’s cycle falls exactly between the 2013 and 2017 bull runs.
According to Elmandjra, a $390,000 price per Bitcoin would correspond to a market cap of approximately $8 trillion – this is around 80% of gold’s market cap. Cointelegraph had covered this already by estimating that in real terms, BTC has only cornered just 2% of gold’s market cap.
Looking at the current market situation, well-known figures are preparing for the start of a bull run – this could happen any time from now. Factors such as a decline in the U.S. dollar strength, the chart’s $30,000 support, and corporate interest, reveal that the bulls are preparing to take over.
Dan Tapeiro, an investor, noted the $30k consolidating support for BTC and insisted that overbuying the moving average convergence divergence (MACD) worked off. Tapeiro is confident that institutions are preparing to get into the BTC arena after a dedicated conference by the company holding more than 70,000 BTC, MicroStrategy. This event by MicroStrategy saw more than 1,400 executives in attendance, and Michael Saylor, the CEO, predicted an acceleration in buy-ins this year.
Image courtesy of pixabay
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