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Crypto

What peaks will Bitcoin reach in the current bull rally?

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Bitcoin is trading at a level below $ 8,000 at the time of writing this post as part of a short-term correction after updating new highs in the previous two days.

 

In connection with the new growth rate, many in the cryptocurrency community are asking a logical question – at what level will the bull trend stop at this time?

The crypto trader and investor from Level company Josh Ranger tried to answer this question. The expert builds his hypotheses based on the cyclical nature of the market – for three completed bitcoin cycles, the price increase decreased by about 80% each time, which is a concept defined by the law of diminishing returns.

Bullish rally after a global fall in 2011 showed a recovery of 320,000%;  in 2014 – 58.500%; and in 2017 – 12,000%. Thus, if the story repeats, this time Bitcoin should grow by 2,400% of its bottom – up to $ 80,000.

 

Many of Rager subscribers are confident that the next peak will be even higher than $ 80,000. In a survey published before the tweet, 43% of the 4,300 respondents favored rebuilding much more than $ 80,000.

 

 

Known in the cryptocurrency community, the Galaxy cryptanalyst claims that the current monthly Bitcoin chart looks very similar to that observed at the end of 2015, when the market began its famous bull rally, which ended in early 2018.

The expert notes that at that time a massive green candle was formed after a year of the bear market, then a price jump of 6,500% followed in two years. Thus, Galaxy is sure that if the historical precedent is repeated, by the end of 2021 the rate of the main world cryptocurrency will exceed $ 333,000.

Moreover, some analysts are confident that in the next couple of years, Bitcoin will begin to absorb part of the market capitalization of gold, which amounts to $ 8 trillion, which ultimately could lead to a value of a $ 500,000 coin.

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