Ethereum

Bitcoin

mirror

James

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-trends-indicate-potential-doubling/" data-wpel-link="internal">Bitcoin Price Trends Indicate Potential Doubling</a> 
Past Bitcoin (BTC) <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market</a> cycles provide significant insights into potential <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">future</a> price movements after surpassing previous all-time highs. These cycles suggest that the crypto king could potentially double its value in the short term. 
<h2 style="text-align: justify" id="strong-140-000-on-the-table-strong">$140,000 on the Table</h2> 
In the 2013 cycle, Bitcoin’s price peaked around $1,130, failing to break this level until March 2017, and doubled its value within the following three months. Similarly, after surpassing the 2017 all-time high of $20,000 in December 2020, BTC‘s price doubled within a month. Considering that the all-time high of $69,000 in 2021 was surpassed in March, historical patterns suggest the price could potentially double to around $140,000 in the coming months. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-354720" src="https://coin-turk.com/wp-content/uploads/2024/05/Bitcoin-BTC-Rekor.png" alt="" width="556" height="700"> 
Crypto analyst Alpha Analysis recently noted that past cycles included multi-week corrections after new price peaks and before subsequent parabolic rises. Bitcoin’s current market behavior, reflecting a 23% correction by May 2 and largely range-bound trading since surpassing the 2021 high on March 12, seems to mirror this pattern. 
Analyst Will Woo reiterated this view, emphasizing the quiet accumulation of BTC and predicting an inevitable rise surpassing all-time highs. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-354721" src="https://coin-turk.com/wp-content/uploads/2024/05/BTC-Bitcoin-Rekor.png" alt="" width="551" height="688"> 
Glassnode analyst James Check added that the market has not yet entered the true hype phase of the bull cycle, suggesting that current sentiment is between hype and excitement. This indicates potential for further upward movement as market hype conditions approach. 
<h2 style="text-align: justify" id="strong-current-state-of-bitcoin-strong">Current State of Bitcoin</h2> 
Currently, Bitcoin is trading around its all-time high from November 2021, forming a bottom. The crypto king is trading at $69,500, with a slight 0.5% decrease in the last 24 hours. A decline could find support at $67,000, while a rise might face resistance at $71,000. 
The crypto world is currently awaiting the U.S. Securities and Exchange Commission’s (SEC) decision on the first spot <a href="https://en.coin-turk.com/ethereum-investors-show-signs-of-bullish-trend-after-sec-approves-eth-etfs/" data-wpel-link="internal">Ethereum</a> ETF, with altcoin king ETH showing strength. ETH is trading at $3,776 at the time of writing. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-trends-indicate-potential-doubling/" data-wpel-link="internal">Bitcoin Price Trends Indicate Potential Doubling</a></h5>

Bitcoin Price Trends Indicate Potential Doubling

Table of Contents

COINTURK NEWS

Other articles published on May 23, 2024

Swimming Cat (SWIMCAT) Will Surge 15,000% Ahead of Bitrue Listing, Looks to Challenge Shiba Inu a...

Analyst Foresees Bitcoin Surge

Credbull CEO discusses the impact of RWA tokenization and its challenges

Major Bet: James Fickel’s $53.3M Ethereum Purchase Ahead of SEC Ruling

Shiba Inu Magazine Unveils 25th Edition; K9 Takes The Centre Stage

Congressman Emmer: ‘Ban CBDCs to Prevent Biden’s Surveillance Agenda’

Join our free newsletter for daily crypto updates!