The price of bitcoin could be “weeks away” from hitting $75,000 if past price performance is an indicator to go by as BTC’s recovery so far this year mirrors the cryptocurrency’s performance in 2013.
According to Financial Analyst and Cane Island Alternative Advisor Timothy Peterson, as the price of bitcoin has been tracking its performance in 2013 “almost perfectly,” we could be weeks away from a massive bull run that could see the cryptocurrency’s price hit $75,000.
In 2013, bitcoin’s price peaked at around $1,120, and as such a copycat move could see it triple its all-time high close to $20,000 in only a few weeks. On social media, various users dismissed Peterson’s prediction, with one calling it “irresponsible hopium” being sold to his followers as “nobody knows when or if bitcoin will ever get to $75k.”
Others argued the market the markets in 2013 and 2020 are very different, as seven years ago most bitcoin trading happened on one trading platform, and derivatives weren’t widespread. The market’s liquidity was significantly lower, and Mt Gox – the dominant exchange in 2013- has even been accused of allowing the market to be manipulated before it went down.
Peterson defended his position citing the amount of work he made, adding “there are few people in the world that have put more into bitcoin valuation research” than him, and that he will stand by it.
Its so funny because I'm right in the middle of revising my paper on the mathematics of #bitcoin valuation. There are few people in the world that have put more into bitcoin valuation research than me. I'll put any of my published research up against your silly tweets any day. pic.twitter.com/RmRtKhTBJW— Timothy Peterson (@nsquaredcrypto) June 8, 2020
Peterson’s firm, Cane Island Alternative, now reportedly holds gold, bitcoin, ether, and other commodities like oil in its portfolio. Per Peterson himself, it is “defunding USD in favor of bitcoin.” Peterson’s prediction appears to be the most bullish made so far this year, with Bloomberg’s $20,000 prediction coming in second.
Featured image via Unsplash.