At the moment I'm typing this article Bitcoin is hovering just under $10,000, a far cry from where we were just few short months ago when bitcoin was trading for $3,800 on a pandemic induced sell-off. Since those lows to the recent highs Bitcoin has done 3x, which brings confidence in the investors as well as the traders into the currency.
If you're an early player in the game then you've definitely remembered the recovery of Bitcoin in 2013, it was much magnificent returns and increase in the market which kept going for a very long time and which brought Bitcoin to the new all time high level of $20,000.
Now let's go through the recent recovery of Bitcoin :
That blue line spotted is the current 2020 BTC recovery while that black spotted line is 2013 recovery. As you can see that the recent recovery of the Bitcoin is following the 2013 recovery.
THAT'S COOL, BUT WHAT COMES NEXT ?
Well now this is the actual part I'm posting here and trust me it's super exciting...
If the trend continues itself for sometime then in the following few months we can see the breathtaking rally for the Bitcoin. Okay, by going mathematically or simply say logically according to the previous recovery in 2013, we're talking about 7x of the current value !! From where we're currently on the recovery charts, there was roughly 600% move up back in 2013. If we're luck and the Bitcoin shows the same move up again then the price of bitcoin will be around $70,000.
Though as you might have noticed there's a big turbulence first before that big move up. From that we can sense a very big drop for the Bitcoin is coming for the Bitcoin in near future, if we consider Bitcoin mimic the 2013 chart. Which would also play into this sort of move on our current charts :
As you can see the ton of support on the charts around that $7k - $8k range and we've that CME gap at $7,600 yet to be filled. Now add to the 2013 recovery as our playbook, which is also calling for a near term dip and we might see in some days, but after that it'll touch the sky $70k.
Conclusion
As we seen two different chart analysis showing the same result and of course positive results. Recently we've seen number of reports from Bloomberg, Binance Research and many more researches indicating the big change in the price of Bitcoin. So after these reports and their results, I'm around 92% sure that the Bitcoin is on it's way to the new high levels.You can certainly take decisions which will be profitable for you investment.
image source : Twitter & BitTrex
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