Vetle Lunde, the senior analyst at market research firm K33 Research, said the current bitcoin price cycle bears a “remarkable” similarity to previous cycles that continued to rise.
Bitcoin, which is currently at $29,000, could reach $45,000 by May, which implies a 50% rise in just a few days. This will happen if it repeats patterns from past cycles, according to a recent report by Vetle Lunde, the senior analyst at market research firm K33 Research.
In its development, Lunde assured that the price of Bitcoin was showing a “remarkable” similarity with past cycles in its reduction and recovery. In principle, he maintained that “it is amazing” the similarity of the reduction of 2018 and 2022 from its previous maximum, where the falls were 84% and 78% respectively.
The analyst continued with his explanation: he said that in both cycles they bottomed out after approximately 370 days and recovered 60% after 510 days.; and as for the bear market rally in 2018 it exceeded 556 days after the peak of 2017 with a reduction of 34% from that maximum.
Regarding the current cycle, he said that, if these patterns were repeated, BTC would peak around May 20 at $45,000. In any case, he clarified that “it is unlikely that history will repeat itself in a similar way.”
The US$45,000 implies an increase of 50% from its current value, and a maximum in 13 months. It also means a nearly 200% rally from the bottom/low of $15,000. That way, it would be 34% below its all-time high of nearly $69,000.
Source: Ambito
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