A widely followed crypto analyst is expressing 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 current levels to $45,000 if history repeats itself.
Referencing a chart published by crypto research firm K33 showing that Bitcoin is currently displaying a similar pattern to the one seen during the 2018/2019 bear market, the popular crypto strategist says that Bitcoin could hit the 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 that by May 20th 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 time of writing.
On what the long-term holders of Bitcoin are likely to do next 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 four years ago. And they are still unwilling to sell at the 60% drawdown that we had.”
According to the popular crypto strategist, another banking crisis, if it happens, could catalyze an even “faster” Bitcoin rally.
“As we’ve seen the crises in the banking system have actually fueled Bitcoin, as well as the regulatory choke point – it’s fueled Bitcoin. If that continues, who knows, another bank crisis – this could send this up faster.”
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Source: https://dailyhodl.com/2023/04/20/bitcoin-could-explode-by-over-50-according-to-one-chart-says-investanswers-heres-the-timeline/