$288,000 per bitcoin – cryptocurrency follows 2013 bull run
The largest cryptocurrency by market cap has had a huge run over the past 12 months. From annual lows in 2020 at just under $5,000, the price has recovered to over $40,000 now.
Is the rally over yet?
While some well-known analysts are reporting that bitcoin may suffer a Cryptosoft short-term setback, the general consensus is that further parabolic rises are in store for 2021.
Already last week we reported that analyst PlanB shows in the following tweet that the current Bitcoin price (red line) is behaving very similar to the 2013 bull run.
But he is not the only one who shares this assessment. Trader „Grain of Salt“ published the following chart showing that BTC is on track to peak at $400,000 by the end of 2021.
In 2021, Bitcoin may repeat 2013. Breaks $100K in April, run towards $200K (June), 40% retracement, 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 showing the range of previous runs, each after halving. The red line shows the development of the current Bitcoin price, measured on the days after the Bitcoin halving in 2020.
It can only be emphasised again and again how amazing it is that BTC ticks like clockwork and that the halving is probably the most significant event for Bitcoin.
So far, the cryptocurrency has not managed to crack the average, but if this model proves correct, we could reach the $100,000 mark by April.
Bitcoin moves as it did in 2013
The chart below shows the price movement in 2013 with the current one. The chart shows that the price is moving remarkably similar to 2013. This could mean that it might actually be possible to reach a six-figure price level in a few months.