Despite facing some selling pressure today, Bitcoin and the entire crypto markets are currently in a firm uptrend that have sent BTC surging to fresh year-to-date highs in a matter of mere weeks. This upwards trend has all the makings of the early stages of a bull market, and many analysts believe that the crypto has significantly further gains ahead of it.
While looking towards Bitcoin’s historical trend data, it becomes apparent that it may incur significant gains in the course of its next uptrend, which may allow it to surge as high as $78,500 in the coming years.
Bitcoin Drops Slightly After Failing to Maintain Above $8,000
At the time of writing Bitcoin is trading up just under 2% at its current price of $7,870 and is down slightly from its 24-hour highs of nearly $8,300.
Although Bitcoin’s swift move into the $8,000 region made many traders and analysts believe that a move towards $10,000 was imminent, its inability to maintain stability in this price region may signal that further consolidation is necessary before BTC continues its upwards movement and nears the important psychological level of $10,000.
Moon Overlord, a popular cryptocurrency analyst on Twitter, recently shared his thoughts on BTC in a recent tweet, noting that a downwards break of the parabola that BTC has formed could lead to a retrace to price levels as low as $5,800.
“$BTC 3D This is complete insanity at this point, but it is what it is. The parabola is about to bend backwards and break space and time. Redrawing targets higher, $8,200+ and nearly $10,000 after that… If the parabola breaks down (it eventually will) bids at 5800-6400,” he said in a thread of tweets from yesterday.
BTC May Be En Route to Nearly $80,000
Although on a shorter time frame it remains unclear as to whether or not BTC will be able to move towards $10,000 in the near-future, when looking at the cryptocurrency from a long-term perspective, there is a strong possibility that the crypto incurs significantly further gains in the near-future.
Josh Rager, another popular crypto analyst on Twitter, analyzed Bitcoin’s historical trend patterns, concluding that the next upwards cycle could lead the cryptocurrency to surge as much as 2,392% in the coming years.
“Bitcoin Rate of Return Each Market Cycle (Each cycle had a 20% return of the previous cycle) 2011: Return of 318,864% = $31.90 High 2014: Return of 58,474% = $1,177.19 High 2017: Return of 11,960% = $19,764.51 High 2022: Potential Return of 2,392% = $78,500.00 Potential High,” Rager explained.
As the cryptocurrency’s price action continues to unfold and the state of the markets from a cyclical perspective becomes clearer, analysts will likely better understand the probability of another upwards surge to fresh all-time-highs.
Featured image from Shutterstock.
The post Analyst: Based on Historical Data, Bitcoin’s Next Market Cycle Could Send it Towards $78,500 appeared first on NewsBTC.
Post written by our friend Cole Petersen
and Syndicated from NewsBTC
Syndicated from NewsBTC.com