In a tweet on the 4th. In February, Yasin Elmanjra, a crypto asset analyst at ARC, revealed how early the current surge in BTC/USD began.
BTC price at $400,000?
Compared to 2013 and 2017, the 2020-21 cycle is barely above the starting line, and the hypothetical chart suggests that the top could reach $390,000 this time around.
This is how the bitcoin price would behave if the current bull market of 2017 is so crazy, Elmanjra added in his comments.
The maximum would be about $390,000 per bitcoin. The red dot is where we would be now. HypotheticalBTC/USD chart based on previous uptrends. Source: Yasin Elmanjra / Twitter
With several indicators pointing to continued growth for bitcoin, Elmanja is not alone in predicting big gains in the medium to long term. However, in response, fellow analyst Tuur Demester noted that 2013 actually surpassed 2017 in terms of growth.
So the true strength of the recent bull market depends on a number of factors, with other recent comparisons suggesting that this year is exactly the same as the previous two examples.
Elmanger confirmed that a price of $390,000 would equate to a bitcoin price cap of about $8 trillion, or about 80% of the gold price. According to Cointelegraph estimates, bitcoin has only collected 2% of that amount in real terms so far.
A perfect storm for the bulls
As for the near future, the known figures nevertheless prepare for the price hunt to begin soon.
With a combination of a falling U.S. dollar, corporate interest and consolidation of support at $30,000, the bulls could soon regain control.
In a commentary published Tuesday, investor Dan Tapeiro noted that bitcoin’s converging moving average divergence (MACD) is the latest metric to score a hit.
BTC/USD 1 day candlestick chart with MACD. Source: View of the shop
Oh, my God! It looks like a consolidation of #Bitcoin, he tweeted.
Price is at 30k, great support right now. We break the flag as we speak. The repurchased mcd has stood the test of time.
Tapeiro also expects great interest from institutions that now own more than 70,000 BTC. More than 1,400 executives attended the event this week and CEO Michael Saylor also predicted that purchases will accelerate this year.
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