Bitcoin to Peak in May @ $45K?

Let’s not set our sights so low – $45K is a drop in the bucket compared to where Bitcoin could easily go at really any time right now

Is $45,000 in Play For Bitcoin This Year? Decoding BTC Accumulation Behavior

“So far, Bitcoin has outperformed traditional risk assets, such as the tech-heavy Nasdaq index, by a significant margin. The crypto asset could be poised for gains if the pattern continues.

Industry experts believe that Bitcoin is closely following its early 2019 surge, and prices could peak at around $45,000 in May. In its recent report, K33 Research said that the drawdown and recovery cycle is remarkably similar to the pattern seen in the 2018-19 bear market in terms of length and trajectory.

While a 1:1 mirroring of the current drawdown to previous drawdowns may not transpire, the resemblance to the 2018 drawdown is staggering, the analysis observed.

‘While history is far from likely to repeat in a similar fashion if the fractal were to continue – BTC would peak around May 20 at $45,000.’

K33 senior analyst Vetle Lunde noted that Bitcoin’s year-to-date rise has all the signs of a ‘hated bullish move,’ which he explained to be ‘a rally where holders feel underexposed after a highly traumatic year, where investors are de-risked in anticipation of further downside.’ The hated rally of 2019 concluded with a ‘significant blow-off top’ before the flagship crypto resumed trading at a 40-60% drawdown from its 2017 all-time high.”


Master Asked on April 19, 2023 in Bitcoin.
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