Bitcoin has been surprising all and sundry for the past few days now when it suddenly jumped above $7,000 with experts uncertain in their reasons behind the sudden uprise.
On Monday, Bitcoin added around $1,200 to its value with mighty announcement from Bakkt, Microsoft, and the rumoured eBay launch of crypto-payment.
As more institutional adoption emerges, Bitcoin continues to soar. At the time of writing, BTC is changing hands at $8,010, with its dominance tending towards 60%.
The $33 billion market volume of BTC yesterday and $30 billion in the last 24 hours attest to the fact that the bull market has surfaced.
Bitcoin has been bullish for the past 3 months. As revealed by Messari data, Bitcoin saw around 127% increase in the last 90 days, however, 60% of this growth was achieved in the last 30 days.
In the past 90-days alone the cryptocurrency has increased 127 percent in price, nearly 60 percent of which was accrued in the last 30 days alone, Messari data reveals.
Bitcoin Analysts Revisit History
Seems George Bernard Shaw had foreseen the present cryptocurrency market situation when he said “if history repeats itself, and the unexpected always happens, how incapable must man be of learning from experience”.
The same holds among crypto enthusiasts, as analysts are revisiting history to determine the course of Bitcoin in the next few years.
It seems history is repeating itself. This kind of parabola rise noticed in 2015 is gathering now. After BTC reached a low of $198 in Aug. 25, 2015, what was seen afterward was a 150% increase, bringing BTC to $499 few months after.
Bitcoin again saw a parabolic rise which resulted in the digital asset jumping by 150% from its recent low of $3,128.
Bitcoin Heading to $78,500
Above historical references and some other important calculation commonly leveraged by crypto analysts have made cryptocurrency trader and Level Invest advisor Josh Rager, posited that Bitcoin could go as high as $78,500.
The crypto analyst, before concluding the future price of Bitcoin, depicted that in 2011, it took BTC 245 days to move from bottom to peak high, gaining 318,864% ($31.90).
In 2014 however, it took Bitcoin 742 days to move from bottom to peak high, gaining 58,475% ($1,177.19). Also in 2017 where Bitcoin moved from bottom to peak high within 1200+ days, it price moved to $19,764.51.
As noticed, Josh says each market cycles rate of return has been 20% or 1/5 of the previous cycle return from bottom to new peak high.
With this year’s cycle bottom at $3148, the next market cycle could give 2300% returns based on historical data with bitcoin value rising to $78,500.
His calculation is that it will take Bitcoin 1200 plus days to move from bottom to peak high, adding that the digital asset will see a return of 2394%.
His prediction, he said, are based on the rate of return % over the past few cycles and the days it took for Bitcoin to move to the next peak high. He however said the predicted price could come around March 2022.
Bitcoin Rate of Return Each Market Cycle (Each cycle had a 20% return of the previous cycle)
Oliver is an online publisher, managing various blogs through the years. He had contributed to multiple news portals in the US and the UK. His interest varies from Political Agendas to recent Technological advancements. He is now a full-time contributor to TODAY'S GAZETTE.
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