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Bitcoin (BTC) is looking like it will hit $75,000 — and that could happen “within weeks,” one analyst has found.
Uploading a fresh BTC/USD price chart to Twitter on June 7, Cane Island Alternative Advisors’ Timothy Peterson unearthed an uncanny similarity to Bitcoin in 2013.
Tracking the Bitcoin price recovery from its lows of $3,600 in mid-March, Peterson noted that its recovery almost exactly tracked price action from seven years ago.
The result, he argued, could keep up the copycat move: BTC topped out at $1,300 in 2013, and a similar 700% bull run at today’s prices would give a target of $75,000.
“The 2020 bitcoin recovery has tracked the 2013a recovery almost perfectly. Are we weeks away from $75,000?”
While such a spike seems unlikely, Bitcoin is already exhibiting strong signs that it is in recovery mode from lows that will never reappear.
Specifically, miner activity and associated data have mimicked December 2018, when Bitcoin bounced out of a year-long bear market at $3,100.
Nonetheless, comparing today’s Bitcoin market with that of 2013 is all but impossible.
At the time, Mt. Gox was the only major exchange, itself imploding to cause a massive price crash.
Many argue that Mt. Gox was responsible for the run to $1,300.
In other trending Bitcoin News today:
Bitcoin (BTC) Will Shatter $520,000 According to New Stock-to-Flow Model – Here’s When It Would Happen
A new twist on the Bitcoin stock-to-flow model (S2F) suggests the crypto king will blow past $520,000 – but it may take a while.
A pseudonymous quantitative analyst named QuantMario says PlanB’s popular S2F ratio, which divides the amount of BTC in circulation by the amount of Bitcoin mined per year, is overly bullish.
“After the fifth halving in about eight years from now, the original S2F model predicts the Bitcoin market capitalization to be higher than the value of all the property in the world: equities, real estate, fiat money, gold, etc. Sounds impossible? Right.”
Crypt∞li, an editor at the crypto exchange startup SAFEX, says the new model, which shows BTC will make a slow and steady march to about $520,000 over the next two decades, places more realistic expectations on miner profitability and the overall use of electricity on the network.
“The S2F model’s output basically demands a 10x price increase from one cycle to the next cycle. If a constant profitability of miners is assumed (equilibrium of price and miner adoption), then the mining effort has to quintuple every four years – the combination of a tenfold increase of price and a halving of the block reward results in a five-fold increase of reward in fiat currency every four years.”
To address these issues, the adjusted S2F model predicts a significantly slower pace of growth for BTC.
In contrast, PlanB’s model predicts Bitcoin will hit $1 million by 2028.
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