According to the popular on Twitter tech analysts Galaxy, the market is on the verge of a new rally that will push the price of Bitcoin (BTC) to the level of $ 330,000.
According to him, at present the price trajectory of the first cryptocurrency draws similar patterns as in October 2015, which is especially noticeable on the monthly chart. A few years ago, the rapid growth of Bitcoin began at $ 330 and ended two years later near the $ 20,000 mark. Thus, during this time the increase was 6,500%.
Observing structure similarities between October 2015 and April 2019.
October 2015 marked the start of the most significant bull run in BTC history after a 6500% price surge in 2 years.
Another similar bull run puts BTC at over $ 330K / coin, by the end of 2021. pic.twitter.com/KTCRLd8jRH
– Galaxy (@galaxyBTC) May 1, 2019
Galaxy is known as a proponent of the efficient market hypothesis and the Dow theory thesis that history repeats itself. According to him, if the upcoming bull market will be comparable in dynamics to what it was a few years ago, then the $ 330 thousand mark will be reached at the end of 2021.
Other technicists agree with some Galaxy provisions. For example, Byzantine General shares the view that the bull market ended in April of this year, and the price draws similar patterns as in the fall of 2015:
$ BTC
People saying we're still in a bear market …
Really? #bitcoin pic.twitter.com/6Gv9yBiZlH– Byzantine General (@ByzGeneral) May 2, 2019
A well-known analyst Peter Brandt adheres to a similar point of view, predicting a 80% drop in Bitcoin in January 2018:
It was just as early as $ BTC began to move from $ 340 to $ 19,800. pic.twitter.com/uFJSkV9NwM
– Peter Brandt (@PeterLBrandt) May 2, 2019
Currently, the first cryptocurrency continues a steady upward movement, supported by the growth in trading volumes. BTC reached $ 5,800.
According to the observations of analysts at CoinDesk Markets, the price of Bitcoin comes out of the bullish pattern “Ascending Triangle”. Therefore, the achievement of the “round” level of $ 6000 and the mark of $ 6125 is only a matter of time.
#BTC / USD Update ⏰ #Bitcoin eyeing off former supports beyond 6k.
The corrected triangle is measured on the @Coinbase exchange.
Supporting moves higher. $ BTC pic.twitter.com/Hm3aM6WWKG
– CoinDesk Markets (@CoinDeskMarkets) May 3, 2019
Earlier, CoinDesk analyst Omkar Godboul also expressed the opinion that in April Bitcoin entered a phase of long-term growth .
Publication date 04/05/2019
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