Historical data suggests that the price of the flagship cryptocurrency Bitcoin ($BTC) could soon explode upward to near the $140,000 mark after it recently moved strongly upward to touch the $70,000 level for the first time in a month.
Bitcoin’s surge above its 2021 peak around $69,000 has kindled speculation about its potential next move, and analysts are drawing parallels too its past bull cycles, where the cryptocurrency’s price moved sharply upward after hitting new highs.
Historically, Bitcoin has seen substantial price increases following breaches of all-time highs. After its 2013 peak of roughly $1,130, the price didn’t surpass that level until 2017, however, within three months of breaking the record, Bitcoin’s value doubled. Similarly, when the 2017 all-time high of $20,000 was eclipsed in December 2020, Bitcoin’s price doubled again within a month.
This historical trend has some analysts predicting a potential doubling of Bitcoin’s current price in the coming months to near $140,000.
The analyst noted that while the 2021 high was surpassed back in March, previous rallies also saw multi-week declines before resuming their upward trajectories. The current market seems to be mirroring this behavior, with a 23% correction in early May followed by a period of relative stability.
As reported another cryptocurrency analyst, Wily Woo, has said the price of BTC could soon see a short squeeze that would see the price of the flagship cryptocurrency moves to a new all-time high. Bitcoin, it’s worth noting, is currently very close to its all-time high, which was slightly above the $73,500 mark.
Notably, data shows that institutional investors have entered the cryptocurrency space with force, with data suggesting that deep-pocketed investors gained interest in the space after the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States, leading to whales accumulating over $16 billion in BTC since.
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