Bitcoin has undoubtedly suffered this year thanks to the economic onslaught caused by the coronavirus, but according to one analyst and investor, the cryptocurrency is about to make a monster-sized comeback, and could reach as high as $75,000 in the coming weeks.
Bitcoin Could Hit the $75K Mark
According to Timothy Peterson – financial analyst and Cane Island alternative – the world’s number one digital currency is mimicking the behavior it exhibited seven years ago in the year 2013. According to Peterson, there were two major declines in BTC’s price during that time. However, it still ended 2013 with a massive (and unexpected) surge that took it all the way to about $1,100 by the time the year was over.
Already, we may be off to a dissimilar start. Sure, the asset has encountered a massive drop already during the height of the coronavirus, but that was one instance. A second fall of equal or higher magnitude has yet to occur, and bitcoin has already risen back up into the high $9,000 range, meaning it’s close to the $10K figure it was trading for in February of this year.
So, the big question is whether bitcoin will incur another slip any time this year before citizens are prepared to say hello to 2021. If this were to occur, perhaps it can be argued that bitcoin is, indeed, mimicking its 2013 behavior, though no investor should be wishing for this, and given that we’re already at the halfway point for the year, a second major drop in the bitcoin price could be relatively difficult to recover from.
In addition, it can be said that bitcoin still hasn’t made a full recovery from the initial drop it experienced earlier in the year. While it has surged quite a bit since the COVID scare, it’s still several hundred dollars below where it was trading approximately four months ago, and every time bitcoin has come close to $10K or jumped past the $10K mark in recent days, things didn’t last very long.
Could Something That Big Happen That Fast?
The biggest portion of Peterson’s prediction is that according to his latest report, the surge to $75,000 for BTC that he discusses is slated to occur only weeks from now. This would mean that bitcoin would have to add more than $65,000 to its current price by the middle of summer. Bitcoin is indeed an unpredictable asset. We have all seen it do crazy and wild things in the past, but the idea of adding so much to quickly seems rather farfetched.
This is almost along the same lines as Tim Draper’s earlier prediction that bitcoin would hit the $250,000 mark by the end of 2020. He has since gone back to his original prediction of the same figure, only this time by the year 2022 or 2023.