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.
Peterson eyes “almost perfect” 2013 correlation
Tracking Bitcoin’s 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,” he summarized.
“Are we weeks away from $75,000?”
Bitcoin price chart showing various recoveries. Source: Timothy Peterson/ Twitter
The Mt. Gox factor
While such a spike seems unlikely, Bitcoin is already exhibiting strong signs that it is in recovery mode from lows which 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 itself responsible for the run to $1,300.
Other analysts are much more sober on the outlook for 2020. According to Cointelegraph Markets’ filbfilb, there is little consensus around a major breakout above even $10,000 this year.
To seal a stronger market, BTC/USD would need to find support at $10,500, something which has eluded bulls since last year.