The largest cryptocurrency by market cap has had a huge run in the past 12 months. The price has recovered from the annual lows in 2020 at just under $ 5,000 to over $ 40,000.
Is the rally over yet?
While some well-known analysts report that Bitcoin may suffer a setback in the short term, the general consensus is that further parabolic surges will be seen in 2021.
We already reported last week that the analyst PlanB shows in the following tweet that the current Bitcoin price (red line) is very similar to the 2013 Bull Run.
But he’s not the only one who shares this view. The trader „Grain of Salt“ published the following graph which shows that BTC is well on the way to peaking at $ 400,000 by the end of 2021.
In 2021, Bitcoin can repeat 2013. Breaking $ 100K in April, running towards $ 200K (June), 40% regression, dump in summer. Sept to Dec towards $ 400K (peak). 50% retrace in spring 2022 …
History repeats itself
The data aggregator „ecoinmetrics“ has created a model that shows the range of the previous runs after halving. The red line shows the development of the current Bitcoin rate, measured on the days after the Bitcoin halving in 2020.
One can only emphasize again and again how amazing it is that BTC ticks like clockwork and the halving is probably the most important event for Bitcoin.
So far, the cryptocurrency has failed to break the average, but if this model turns out to be correct, we could hit the $ 100,000 mark by April.
Bitcoin moves like it did in 2013
The following graphic shows the share price development in 2013 with the current one. The chart shows that the price is developing astonishingly similar to 2013. That could mean that it might actually be possible to hit a six-figure course level in a few months.