A prominent cryptocurrency expert known as Jelle has shared an optimistic forecast for Bitcoin, suggesting that the cryptocurrency could reach a new all-time high of $82,000. Jelle believes that Bitcoin has the potential to break out of its consolidation range and make a strong upward move towards this target. In a tweet, he stated, “History does not repeat, but it often rhymes. It’s time for the Power of Three to make its way towards the target: $82,000. Go time, next week.”
Currently, the highest price ever paid for Bitcoin was $73,737.94, which was recorded on March 14. As of now, the price of Bitcoin stands at $68,717.50, showing a 0.9% increase in the last 24 hours.
After coming close to its all-time high, Bitcoin has exhibited a pattern similar to the bull market observed between 2015 and 2017. This similarity was pointed out by the analytics platform Glassnode on May 29. The recent rise in Bitcoin’s price was fueled by expectations of the approval of Ethereum index funds by the United States Securities and Exchange Commission (SEC). However, after the approval of Ethereum ETFs, Bitcoin experienced a decline in price.
Glassnode’s analysis highlights the resemblance between the current movement of Bitcoin and the bull market of 2015-2017. They noted that the pattern of declines during the uptrend of 2023-24 bears a striking resemblance to the previous bull market.
It is important to note that the views expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Editor’s Choice: Bitcoin whales have purchased $1.34 billion worth of Bitcoin in the past 24 hours, contributing to the rise in BTC price. Bitcoin has returned to $70 after a market recovery.