Bitcoin (BTC) could reach $ 75,000 “within a few weeks“said one analyst.
Timothy Peterson, executive of Cane Island Alternative Advisors, recently posted on Twitter a new chart of the BTC / USD pair: in his opinion, the movements of Bitcoin appear incredibly similar to those of 2013.
Timothy Peterson: almost perfect correlation with the 2013 chart
Tracing Bitcoin’s recovery from the mid-March $ 3,600 low to date, Peterson noted that this movement is very similar to that of seven years ago.
In 2013, following a 700% increase, Bitcoin had peaked at $ 1,300; similar growth today would push BTC’s price up to $ 75,000!
Specifically, Peterson said on Twitter:
“Bitcoin’s 2020 recovery followed that of 2013 almost perfectly. Are we a few weeks away from reaching $ 75,000?”
Bitcoin chart that compares the 2013 recovery with the 2020 one. Source: Timothy Peterson / Twitter
The forecasts of the experts
Although such an increase may seem highly unlikely, Bitcoin currently appears technically very strong.
As recently reported by Cointelegraph analyst Joseph Young, the combination of three factors (increased flows from exchanges, reduced sales by miners and more HODLers) could trigger the next BTC bull run.
Simon Dedic, cofounder of the cryptocurrency market analysis firm Blockfyre, has predicted the start of a new bullish phase that will bring the price of Bitcoin to $ 150,000 and that of Ether to $ 9,000.
The opinion of Filbfilb, another Cointelegraph Markets analyst, according to which Bitcoin should confirm support at $ 10,500 before being able to start a bull run: it is a level that the cryptocurrency has not been able to pass since last year.