A popular crypto analyst thinks historical patterns suggest Bitcoin (BTC) could be on the verge of a huge breakout.
In a new YouTube video, the anonymous host of InvestAnswers shares a chart from crypto market intelligence firm K33 Research, formerly Arcane Research, that examines the historical trajectory of the last three Bitcoin cycles.
The host tells his 443,000 YouTube subscribers that Bitcoin’s current cycle is looking most similar to its 2017 peak cycle.
“I think we are most similar to the 2017 cycle, which means we could be in the middle of a massive rampage that could take us to $50,000 if history repeats. Remember, then it takes a breather, then it goes down the hill again for a month or two, three/four months, then it goes back up again.”
The analyst also examines another K33 chart examining the number of days from the cycle bottoms in 2018 and 2022.
“Look at the chart. Look what could happen next if this cycle repeats. That means the next 60-70 days, the next 2-2.5 months could be astounding. That is the message here. And looking at Bitcoin, looking at the chart, looking at any dip, it gets gobbled up by somebody, somewhere.”
BTC is trading at $29,974 at time of writing. The top-ranked crypto asset by market cap is down 0.73% in the past 24 hours but up more than 6% in the past week.
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