We all see the Bitcoin news and realize that the most dominant coin is in a bull market. Whether you are trading or just looking at the market, you probably know how much higher prices are ahead in both the short and the long term. But how high could Bitcoin really go if the data from the 2017 bull run replicates?
One analyst working at Ark invest came up with a hypothetical chart, demonstrating what could come if a similar trajectory is followed. According to his chart, the Bitcoin price would top at $390,000 at the height of the cycle.
One of the things we know for sure is that when BTC starts trending up, it trends hard. And while many of its downtrends are sharply and end similarly, the bull markets have sustained momentum which propels the crypto asset to higher prices in each market cycle.
If we replicate data, we will find that BTC is in a good position and its price behaviour can lead the cryptocurrency to actually reach $390,000 before peaking. The details on how high could Bitcoin go can be seen in a chart shared by the analyst Yassine Elmandrija who works at Ark Invest.
This is how bitcoin’s price would behave if the current bull market dwarfed the 2017 bull market in the same way the 2017 bull market dwarfed the 2013 bull market.
The top would be around $390,000 per bitcoin.
The red dot is where we’d be now. pic.twitter.com/kZjYtcoMD9
— Yassine Elmandjra (@yassineARK) February 3, 2021
What is very interesting to many is that if the same path is being followed and Bitcoin is somewhere around May 2017, there is only a few months left of this current bull run. So, if analysts are expecting the Bitcoin price to rise by over ten times in the next few months, investors should stock up with more BTC now.
Many analysts are expecting the dominant coin to rise by over ten times in the next few months, especially as investors scramble to buy more of the supply that remains. We could see that BTC increased by 1,000% from the Black Thursday until now, but the question is whether a similar run is possible from here.
Even though many see the above chart as ridiculous when it comes to Bitcoin reaching $390,000, the trajectory shows that this is possible and judging by data, something that should be expected if the trends are replicated.
Do you think that Bitcoin could reach $390,000 before peaking?
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