Markets
Bitcoin Price Could Reach $140,000 In Three Months If History Rhymes
The previous two cycles may provide an indication of where BTC prices could go after breaking the previous all-time high.
During the 2013 cycle, Bitcoin prices peaked at around $1,130, but did not cross that level again until March 2017. However, in the three months since, BTC prices have double.
When the all-time high of $20,000 in 2017 was surpassed in December 2020, BTC prices doubled in a month.
Bitcoin’s 2021 all-time high of $69,000 was surpassed in March, so prices could potentially double to around $140,000 in the next few months if the cycle story rhymes.
Big gains to come?
Similar analysis was provided by “Alpha Analysis” on May 23 in an article on next.
Bitcoin markets appear to reflect this action as the asset had corrected by 23% on May 2 but recovered to stay. largely restricted to one distribution area since breaking the 2021 all-time high on March 12.
Fellow analyst Will Woo came to a similar conclusion on May 22. assignment on
“Last time I’ll say this… It’s only a matter of time before BTC surpasses all-time highs.”
Glassnode analyst James Check said markets are still quite far from the true euphoria phase of this bull cycle, adding that “we are on the border between enthusiasm and excitement, but not yet euphoria.”
Crypto Market Outlook
Bitcoin prices are currently trading very close to their November 2021 all-time high, providing a base of support. The asset fell 0.5% on the day and was changing hands for $69,500 during the Asian trading session on Thursday morning.
A decline from here could see it fall back to support at $67,000, but a move higher would hit resistance at $71,000.
Ethereum held on recent gains as the crypto community collectively holds its breath for the United States Securities and Exchange Commission to decide whether to approve or refuse the country’s first spot ETH ETF later today. The asset was trading at $3,776 at the time of writing.
Altcoins have been flat to slightly down and haven’t really kept pace with BTC or ETH during the recent rally.