Muhaimin is a journalist, a fintech and crypto enthusiast who is passionate about its development in Africa and across the globe. Muhaimin derives pleasure in reporting and analysing happenings in the crypto world and a believer in Blockchain technology.
It has been found out that the behavior of Bitcoin now is quite similar to what happened in 2013. If the situation repeats, BTC price may reach new highs just in a few weeks.
A similar situation to what happened in 2013, when Bitcoin price hit its maximum of that period o time, is predicted to repeat this year in a matter of weeks. However, owing to certain economic infractions caused majorly by the COVID-19 pandemic, there are mixed feelings about the crypto price in 2020.
Timothy Peterson, Cane Island Alternative Advisors, took to Twitter on Sunday, 7th June, to upload a new Bitcoin price chart revealing similarities between what is to come and Bitcoin in 2013.
The 2020 #bitcoin recovery has tracked the 2013a recovery almost perfectly. Are we weeks away from $75,000? pic.twitter.com/3u3xjDMmgl
— Timothy Peterson, CFA CAIA (@nsquaredcrypto) June 7, 2020
Analyzing Bitcoin price from its $3,600 low it plunged to in March, the Cane Island advisor highlighted that the way it recovered is almost the same as to price action in 2013. This will only lead to an exact result of what occurred in 2013, he argued. In 2013, Bitcoin price hit $1,300, and a similar 700 percent Bull Run at today’s prices would give a target of $75,000. He summarized that 2020 Bitcoin recovery had followed the path of 2013 recovery perfectly.
Comparing Bitcoin 2013 Market to 2020
However, the predicted surge seems impossible, but then; the crypto is already showing strong signs that it is recovering from lows that it will never go back to.
Also, miner’s activity and similar data had repeated what happened in December 2018. Then, BTC came out of a bear market from $3,100. Comparing the BTC market in 2013 to now are entirely different things. In 2013, Mt. Gox was the only major exchange around imploding a massive price crash. It is even believed that the exchange was responsible for the $1,300.
Apart from Timothy Peterson’s prediction, some other analysts believe that BTC price will not be all rosy. Many analysts are even yet to agree about BTC breakout above $10,000 this year. For the crypto to surge unprecedentedly, it needs to consolidate and find support at $10,500, something which has eluded bulls since 2019.
At the reporting time Bitcoin (BTC) price is down by 0,79% at $9,662.