Analyst: Based on Historical Data, Bitcoins Next Market Cycle Could Send it Towards $78,500

Despite facing some selling pressure today, Bitcoin and the entire crypto markets are currently in a firm uptrend that have sent BTC surging to fresh year-to-date highs in a matter of mere weeks. This upwards trend has all the makings of the early stages of a bull market, and many analysts believe that the crypto has significantly further gains ahead of it.

While looking towards Bitcoins historical trend data, it becomes apparent that it may incur significant gains in the course of its next uptrend, which may allow it to surge as high as $78,500 in the coming years.

Bitcoin Drops Slightly After Failing to Maintain Above $8,000

At the time of writing Bitcoin is trading up just under 2% at its current price of $7,870 and is down slightly from its 24-hour highs of nearly $8,300.

Although Bitcoins swift move into the $8,000 region made many traders and analysts believe that a move towards $10,000 was imminent, its inability to maintain stability in this price region may signal that further consolidation is necessary before BTC continues its upwards movement and nears the important psychological level of $10,000.

Moon Overlord, a popular cryptocurrency analyst on Twitter, recently shared his thoughts on BTC in a recent tweet, noting that a downwards break of the parabola that BTC has formed could lead to a retrace to price levels as low as $5,800.

$BTC 3D This is complete insanity at this point, but it is what it is. The parabola is about to bend backwards and break space and time. Redrawing targets higher, $8,200+ and nearly $10,000 after that If the parabola breaks down (it eventually will) bids at 5800-6400, he said in a thread of tweets from yesterday.

BTC May Be En Route to Nearly $80,000

Although on a shorter time frame it remains unclear as to whether or not BTC will be able to move towards $10,000 in the near-future, when looking at the cryptocurrency from a long-term perspective, there is a strong possibility that the crypto incurs significantly further gains in the near-future.

Josh Rager, another popular crypto analyst on Twitter, analyzed Bitcoins historical trend patterns, concluding that the next upwards cycle could lead the cryptocurrency to surge as much as 2,392% in the coming years.

Bitcoin Rate of Return Each Market Cycle (Each cycle had a 20% return of the previous cycle) 2011: Return of 318,864% = $31.90 High 2014: Return of 58,474% = $1,177.19 High 2017: Return of 11,960% = $19,764.51 High 2022: Potential Return of 2,392% = $78,500.00 Potential High, Rager explained.

As the cryptocurrencys price action continues to unfold and the state of the markets from a cyclical perspective becomes clearer, analysts will likely better understand the probability of another upwards surge to fresh all-time-highs.

Featured image from Shutterstock.

The post Analyst: Based on Historical Data, Bitcoins Next Market Cycle Could Send it Towards $78,500 appeared first on NewsBTC.

14.05.2019 / 15:30 40
Despite Bullish Momentum, It May Be Another 18 Months Before Bitcoin Climbs Back to Its All-Time-Highs Despite Bullish Momentum, It May Be
Despite a bout of sideways trading in the crypto markets, Bitcoin has continued to extend its upwards momentum that was first established in
Technical Indicator Signals That Crypto Markets are Highly Overbought Technical Indicator Signals That Crypto
The crypto markets appear to have found some stability at their current prices, as many altcoins have been able to continue climbing higher while
Analyst: A Break Above 4,300 Could Create Ugly Situation for Bitcoin (BTC) Short Sellers Analyst: A Break Above 4,300 Could
After breaking above the ever-so-important $4,000 level, Bitcoin has been able to maintain above this price, but BTC has not been able to garner any
Crypto Markets Drop Slightly After Bitcoin Fails to Break Above $4,000 Crypto Markets Drop Slightly After
Following a quiet weekend for the crypto markets they have held relatively steady and are currently trading down slightly over a 24-hour trading
Bitcoin Drops to $4,000 as Sell-Off Reignites, There Could Be a Larger Trend in Play Bitcoin Drops to $4,000 as Sell-Off
After a couple days of upwards trading, the cryptocurrency markets have continued to sell-off, led by Bitcoin, but are still sitting above their
Bitcoin Sets Yearly Low Below $4,400, Recovers Slightly as Altcoins Continue to Drop Bitcoin Sets Yearly Low Below $4,400,
After yesterdays widespread market carnage, Bitcoin has continued to drop and is showing little sign of a pending recovery. Bitcoins latest drop to
Comments (0)
Add a comment
Comment on