Analyst: Based on Historical Data, Bitcoin’s Next Market Cycle Could Send it Towards $78,500

Despite facing some selling pressure today, Bitcoin and the entire crypto markets are currently in a firm uptrend that have sent BTC surging to fresh year-to-date highs in a matter of mere weeks. This upwards trend has all the makings of the early stages of a bull market, and many analysts believe that the crypto has significantly further gains ahead of it.
While looking towards Bitcoin’s historical trend data, it becomes apparent that it may incur significant gains in the course of its next uptrend, which may allow it to surge as high as $78,500 in the coming years.
Bitcoin Drops Slightly After Failing to Maintain Above $8,000 
At the time of writing Bitcoin is trading up just under 2% at its current price of $7,870 and is down slightly from its 24-hour highs of nearly $8,300.
Although Bitcoin’s swift move into the $8,000 region made many traders and analysts believe that a move towards $10,000 was imminent, its inability to maintain stability in this price region may signal that further consolidation is necessary before BTC continues its upwards movement and nears the important psychological level of $10,000.
Moon Overlord, a popular cryptocurrency analyst on Twitter, recently shared his thoughts on BTC in a recent tweet, noting that a downwards break of the parabola that BTC has formed could lead to a retrace to price levels as low as $5,800.
“$BTC 3D This is complete insanity at this point, but it is what it is. The parabola is about to bend backwards and break space and time. Redrawing targets higher, $8,200+ and nearly $10,000 after that… If the parabola breaks down (it eventually will) bids at 5800-6400,” he said in a thread of tweets from yesterday.

Trump Blasts Bitcoin For Illicit Use As NY College Is Hit With $2M Ransomware
Friday July 12, 2019

Last night, the TV personality, businessman, president of the “free world,” Donald Trump took to twitter to blast Bitcoin, Facebook’s Libra, and the entire asset class of cryptocurrencies. The outspoken United States president said...

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If the parabola breaks down (it eventually will) bids at 5800-6400
— Moon Overlord (@MoonOverlord) May 13, 2019

Bitcoin Bulls Resign, BTC Price Slumps 24.6% in Rout
Wednesday July 17, 2019

Bitcoin (BTC) is down 24.6 percent Governments ready to tame cryptocurrencies as they avert a possible clash with central banks According to analysts, governments and regulators are planning to “kill” cryptocurrencies and Bitcoin. That’s...

The post Bitcoin Bulls Resign, BTC Price Slumps 24.6% in Rout appeared first on 12bitplay - Bitcoin Play.

BTC May Be En Route to Nearly $80,000 
Although on a shorter time frame it remains unclear as to whether or not BTC will be able to move towards $10,000 in the near-future, when looking at the cryptocurrency from a long-term perspective, there is a strong possibility that the crypto incurs significantly further gains in the near-future.
Josh Rager, another popular crypto analyst on Twitter, analyzed Bitcoin’s historical trend patterns, concluding that the next upwards cycle could lead the cryptocurrency to surge as much as 2,392% in the coming years.
“Bitcoin Rate of Return Each Market Cycle (Each cycle had a 20% return of the previous cycle) 2011: Return of 318,864% = $31.90 High 2014: Return of 58,474% = $1,177.19 High 2017: Return of 11,960% = $19,764.51 High 2022: Potential Return of 2,392% = $78,500.00 Potential High,” Rager explained.

Cardano (ADA) Loses Steam Amid Broader Crypto Slowdown
Friday July 12, 2019

Cardano (ADA) down 17.7 percent week-to-date.  AlgoZ and Cardano partner for liquidity Charles Hoskinson’s Cardano is distinct because of their insistence on quality and research. Therefore, despite recent sell-off, their deal with AlgoZ could...

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Bitcoin Rate of Return Each Market Cycle(Each cycle had a 20% return of the previous cycle)
2011: Return of 318,864% = $31.90 High
2014: Return of 58,474% = $1,177.19 High
2017: Return of 11,960% = $19,764.51 High
2022: Potential Return of 2,392% = $78,500.00 Potential High pic.twitter.com/7KP439cpZE
— Josh Rager (@Josh_Rager) May 14, 2019

As the cryptocurrency’s price action continues to unfold and the state of the markets from a cyclical perspective becomes clearer, analysts will likely better understand the probability of another upwards surge to fresh all-time-highs.
Featured image from Shutterstock.
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