Bitcoin has shot up to a new year high of over $8,800 in the last 24 hours. While this has been fluctuating, a cryptoanalyst ‘Panama’ says it is possible for Bitcoin to make a big jump straight to the all-time high of 2017.
What if Bitcoin shoots from here to 20k?
Last three times it was at this price range it went to:
8.8k > 20k
8.8k > 11.7k
8.8k > 9.9k
The $20,000 is the highest of jumps Bitcoin has taken historically, he said. It has in the past moved to lower levels from the $8,800, including $11,700 and $9,900. Panama based his expectation on previous trends which have proven to be the most reliable predictors of prices although it is said that past performance does not guarantee future success.
Via Panama Analysis
Interestingly, most of the current green market has been preceded by patterns, mostly from the 2017 bull market. DataLight, a data firm has provided information on several metrics including the number of confirmed transactions which bear striking resemblance to the pre-2017 bull run. The firm also recently reported a transaction fee hike to an average of $4 which is also a pattern repeated from 2017.
Several members of the Crypto Twitter community agree with the projection with most of those who comment saying they have seen the jump before. They also believe it is possible for a surge to happen.
Bitcoin has been on a surge before experiencing a small dip below $8,000. The jump to the current price started yesterday and the price is still hovering around the $8,800 price. This may be a sign of hope for the cryptocurrency which analysts believe is heading to $9,000 soon.
Bitcoin started the week on a good note with a jump to a new all-time high on the 26th of May. While many members of the cryptocurrency community believe the market is on a huge price surge, the week is still very young and some believe it could correct to $8,200 or at least $8,400 by the end of the week. Where do you think the Bitcoin price is heading next? Will it be up or will it correct?