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.
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?”
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.
Mathieu is a Information technology professional with over 15 years of experience. He started one of the first bitcoin blogs existed in 2010. He started writing about, investing in bitcoin and promoting the first cryptocurrency when only a few technological savvy people knew about it. Mathieu is a world traveler who enjoys culture, technology, finance, salmon, rice and beans. He’s cool, collected and knows a great deal about blockchain technology.