Bitcoin (BTC) has recently approached its all-time high, and data from analytics platform Glassnode suggests that it is exhibiting a similar pattern to the bull market of 2015-2017. The volatility of Bitcoin has been driven by expectations of the United States Securities and Exchange Commission (SEC) approving Ethereum index funds. This optimism caused the cryptocurrency to reach nearly $72,000 on May 21, its highest point since early April. However, the approval of Ethereum ETFs by the SEC resulted in a price recoil for Bitcoin.
Glassnode’s analysis compares Bitcoin’s current movement to that of the 2015-2017 bull market. The platform notes that Bitcoin experienced a deep correction (-20.3%) before recovering and reaching $71,000 on May 20. The drawdown pattern during the 2023-24 uptrend appears to be remarkably similar to the previous bull market.
The highest price ever paid for Bitcoin was $73,737.94 on March 14. As of now, Bitcoin is priced at $68,719.25, representing a 1.7% increase in the last 24 hours. However, this current price is 6.83% lower than the historical peak.
Macro strategist Henrik Zeberg predicts that Bitcoin is ready for a significant price rise. Despite a recent decline below $68,000, Zeberg believes that Bitcoin has the potential for a 64% upward rally by the third quarter of 2024. During an interview, Zeberg stated that he previously predicted Bitcoin reaching $110,000 to $115,000, and he stands by that prediction. He expects a major change to occur in the coming days or weeks, with a large movement expected in mid-June.
Zeberg’s prediction suggests that Bitcoin could reach $110,000 in the coming months.
It is important to note that the views and opinions expressed in this article are for informational purposes only and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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