Bitcoin will reach $ 75,000 in a few weeks

Bitcoin's chart "perfectly follows" the pattern of movements that led it to its 2013 high. Thissimilarity was found by Bitcoin analyst Timothy Peterson of Cane Island Alternative Advisors. In his opinion, Bitcoin will reach $ 75,000 "in a few weeks."

After tracking the recovery of bitcoin from the March low of $ 3,600, Peterson noted that the recovery went almost the same way as 7 years ago.

According to him, in the near future we can expect a 700% increase in BTC to $ 75,000, similar to the movement of bitcoin to $ 1300 in 2013.

“The recovery of bitcoin in 2020 is almost entirely following the track of 2013. But are we a few weeks away from $ 75,000? ”

The 2020 #bitcoin recovery has tracked the 2013a recovery almost perfectly. Are we weeks away from $ 75,000? pic.twitter.com/3u3xjDMmgl

- Timothy Peterson (@nsquaredcrypto) June 7, 2020

Such a jump, of course, is unlikely. However, Bitcoin is already showing signs of recovery from the March low, which we are unlikely to encounter more.

For example, the activity of miners imitated December 2018, when bitcoin rebounded from a long bear market (from $ 3100).

However, today’s hardly worth comparingBitcoin market with the 2013 market. Then the only exchange doing weather on the market was the Japanese Mt. Gox. Many argue that then Mt. Gox itself caused a rally of bitcoin to $ 1300.

Other analysts say Bitcoin needs to first find support at $ 10,500, which eluded the bulls last year.

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