Bitcoin’s streak of weekly gains puts record high in sight if history right
Bitcoin might retest a record high of nearly $69,000 was almost risible. Fast forward 12 months and some studies now point to just that possibility.
Technical analysis comparing the largest digital asset’s rally to $52,000 with past surges spits out projections of more gains in coming weeks. Some of those studies follow below — with the caveat that the past isn’t always a reliable guide to the future, especially for a young and febrile asset like Bitcoin.
Weekly Advance
Bitcoin’s price has tripled since the start of 2023 amid optimism over dedicated US exchange-traded funds as well as a looming reduction in the token’s supply growth known as the halving. The rally includes four straight weeks of increases through Feb. 18. In the past five years, the original cryptocurrency climbed an average 49% over the three months after four-week winning runs, according to data compiled by Bloomberg. That would take Bitcoin to about $78,000.
“The market set-up for Bitcoin remains very strong,” said Richard Galvin, founder of crypto-focused investment firm DACM.
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details»Bumpy Road
Elliott Wave studies posit that markets are prone to repeating wave patterns. Applying the technique to Bitcoin suggests a retreat toward the $40,000 level before an advance to about $70,000. That compares with Bitcoin’s all-time peak of $68,992 in November 2021,
