Bitcoin is set for an “amazing” next 60-70 days as BTC mirrors 2019 price action, InvestAnswers predicts
A popular crypto analyst believes historical patterns suggest Bitcoin (BTC) could be on the verge of a major breakout.
In a new YouTube video, the anonymous host of InvestAnswers shares a chart by crypto market research firm K33 Research, formerly Arcane Research, that examines the historical trajectory of the last three Bitcoin cycles.
The presenter tells his 443,000 YouTube subscribers that Bitcoin’s current cycle most closely resembles the peak cycle of 2017.
“I think we’re most similar to the 2017 cycle, which means we could be in the middle of a massive killing spree that could take us to $50,000 if history repeats itself. Remember, then it takes a breather, then it goes back down for a month or two, three/four months, then it goes back up.”
Source: InvestAsnwers/YouTube
The analyst also examines another K33 chart that examines the number of days from cycle lows in 2018 and 2022.
“Look at the table. If this cycle repeats itself, see what might happen next. That means the next 60-70 days, the next 2-2.5 months could be amazing. That’s the message here. And if you look at Bitcoin, look at the chart, look at every dip, someone somewhere is going to eat it.”
Source: InvestAnswers/YouTube
BTC is trading at $29,974 at the time of writing. The top-rated crypto asset by market cap is down 0.73% in the past 24 hours but is up more than 6% over the past week.
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