Bitcoin Could Explode Over 50% According to One Chart, Says InvestAnswers – Here’s the Timeline
A widely followed cryptoanalyst expresses bullish sentiment on Bitcoin (BTC) based on historical precedence.
In a new video, the anonymous host of InvestAnswers tells his 443,000 YouTube subscribers that Bitcoin could explode by about 54% from today’s level to $45,000 if history repeats itself.
Refers to one diagram published by crypto research firm K33 showing that Bitcoin is currently showing a similar pattern to that seen during the 2018/2019 bear market, the popular crypto strategist says that Bitcoin could reach its price target in about a month from now.
“If this pattern repeats and we get this level, where I added a little red arrow … that means by May 20 or about a month from now, we could be at $45,000 again.
After that, there’s a bit of a breather, a bit of sideways movement, a bit of consolidation.”
Bitcoin is trading at $29,210 at the time of writing.
On what the long-term owners of Bitcoin are likely to do compared to what they did during the 2018 bear market, the anonymous host of InvestAnswers says,
“Right now, I think the long-term holders are far more committed than they were four years ago. And they’re still not willing to sell at the 60% move that we had.”
According to the popular crypto strategist, another banking crisis, if it happens, could catalyze an even “faster” Bitcoin rally.
“As we have seen, the crises in the banking system have actually driven Bitcoin, as well as the regulatory bottleneck – that has driven Bitcoin. If it continues, who knows, another banking crisis – this could send this up faster.”
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