Bitcoin is in the midst of a historic recovery off of the March lows and it may just be the beginning...
As I type, bitcoin is hovering just under $10k, a far cry from where we were just a few short months ago when bitcoin was trading for $3,800 on a pandemic induced sell off.
Since those lows to the recent highs, bitcoin has almost done a 3x.
What's more than those magnificent returns though is how similar this recovery has looked to the recovery back in 2013...
Check it out:
(Source: ~~~ embed:1270127101358878723) twitter metadata:bnNxdWFyZWRjcnlwdG98fGh0dHBzOi8vdHdpdHRlci5jb20vbnNxdWFyZWRjcnlwdG8vc3RhdHVzLzEyNzAxMjcxMDEzNTg4Nzg3MjMpfA== ~~~
That blue line is the current 2020 BTC recovery while that black spotted line is the 2013 recovery...
As you can see, we have followed it remarkably well over the last few months.
Ok cool, so what comes next?
That is the exciting part...
If this trend continues, then in the medium term, bitcoin is just a couple months away from a truly breath taking rally.
We are talking something like 7x the current prices...
From where we are currently on the chart, there was roughly a 600% move up back in 2013. A similar move would put the price of bitcoin at/around $70k within the next couple months.
Wowza!
Though, as you might have noticed on that chart, there was a bit of turbulence first before that big move up...
There is a big dip coming up the very near future if we continue to mimic the 2013 chart.
Which would also play into this sort of move on our current charts:
(Source: https://bittrex.com/Market/Index?MarketName=USD-BTC)
I've personally been waiting for this pullback for weeks and weeks now, but it has yet to come.
There is a ton of support on the charts around that $7k-$8k range and we have that CME gap at $7,600 yet to fill.
Now add the 2013 recovery as our playbook, which is also calling for a near term dip, and we might finally actually see my dip...
On our way to $70k :)
That would certainly be ok with me.
Stay informed my friends.
-Doc
7x on btc?! Sounds like a long shot, but I'll take it!
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It certainly is. It just would happen if bitcoin continued to follows the same recovery pattern as 2013, which it has thus far.
If things follow the previous patterns then we are going to see a $70k Bitcoin sooner or latter in coming years. Kinda excited
Only kinda?
😅 Lol
Super excited
That would be amazing to see Bitcoin go to 70k. I think with the billions of dollars in Bitcoin being purchased by that big Wall Street firm we could indeed see it. I am pinning my hopes on Ethereum 10x or more and possible my other Altcoins 10x or more. If I could 100x my altcoins under a dollar it would be life-changing. Dreaming 😅😀
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Ha, yes that sure would be nice!
Wow..It will be awesome to see bitcoin go to 7x ❤❤❤
No guarantees. It's only if it follows this same pattern.
A lot of evidence being compiled for a big turn to the upside in the first year after the halving! :) Great stuff!
Si.
This whole 16k seems very likely to me, I think we will bounce around between 10k and 20k for the next year and then blast off in mid to late 2021. That whole four year cycle seems to hold true. I am positive there will be massive fake outs along the way though.
That is what the trend has been yes. If history rhymes just a little, we would see bitcoin peaking sometime between May and December of 2021. It should break $20k this year tho based on past patterns.
The scale of Bitcoin is full of ups and downs, but I think that's one of the factors that excites a lot of buyers, haha!
It certainly is what attracts traders.
No thanks.