A $75K Bitcoin Price Within Weeks? An Alternative Investments Advisor Says, Yes

A $75K Bitcoin Price is Within Weeks, Says Alternative Investments Analyst Timothy Peterson

Timothy Peterson, an alternative investments analyst with Cane Island Alternative Advisors shared, on June 7th, a Bitcoin (BTC)/USD chart that shows will likely reach $75,000 within just a few weeks. Peterson discovered a correlation between bitcoin now and back in 2013.

Peterson 2013 vs now bitcoin correlation

In 2013, Bitcoin had a serious bull run that saw the first cryptocurrency jump 700% to $1,300. Peterson sees a move mimicking 2013.

Related: Before Bitcoin Price Surged To Its Highest in 2017, We Saw This Happened

With BTC’s currently trading at 9,713, a similar surge will push Bitcoin to a target price of $75,000 or more. In March of this year, Bitcoin dropped to a year low of $3,600. The same thing occurred 7 years ago.

“The 2020 #bitcoin recovery has tracked the 2013a recovery almost perfectly,” Peterson outlined.

“Are we weeks away from $75,000?”

Bitcoin Price Recovery Chart by Timothy Peterson
Bitcoin price different recoveries chart. Source: Timothy Peterson/ Twitter

The Mt. Gox exchange component

Another good sign Bitcoin price is on it way to a parabolic surge is its stability for the last couple of months.

Miners’ activities are at all-year-high, similar to 2018. In December of that year, Bitcoin experienced a bear market, trading at $3,100.

The price crash was due to the fact that Mt. Gox imploded, causing a massive price crash; plummet BTC’s price to $1,300.

It’s not ideal to compare Bitcoin’s 2013 market with today’s. However, the crypto community overall agrees if Bitcoin breaks the $10,000 resistance this year, $75,000 is within reach.

Bitcoin: A Guide for Beginners (Free e-book)
Learn the basics before diving into the world of bitcoin
I agree to have my email address transferred to MailChimp for CryptoZink updates ( more information )
We respect your privacy. We'll NEVER spam, share or sell your info!

You May Also Like