Historical price performances have often been a guide for Bitcoin and other cryptocurrencies. We have seen exceptions at times. For example, according to historical data, during the last bear market, the BTC price should not have fallen below $20,000. However, abnormal conditions led to abnormal results, and the price remained below $20,000 for a long time, eventually dropping to the $15,500 level.
The Future of Cryptocurrencies
Historical data motivates investors. The strong rise expected in 2024 was supported by historical data. Assuming the same would happen again, investors took the risk and deserved the reward. In the first quarter of this year, those who evaluated the bottom of the last bear market achieved gains of 20-30 times in some altcoins. Moreover, BTC has not yet reached the expected bull peak.
A popular market analyst said BTC has started to reflect its previous cycle and explained the scenario he expected. The analyst, known by the pseudonym TechDev, has been comparing today with the years 2020-2021 using Elliott wave theory.
TechDev is confident that BTC will experience one last rise by the end of this year that will bring it close to the six-figure range.
“The impulsive structure of the last 1.5 years says 90,000-100,000 dollars are next.”
Cryptocurrencies Will Rise
In the scenario where the BTC price rises as expected, we will need to see peaks in altcoins much higher than this year’s peaks. Again, an expert pointing to an RSI indicator on the BTC chart wrote that the momentum indicator has now cooled down, thus beginning to be ready for a rise.
The analyst recently mentioned that the 2020 scenario, where Bitcoin rose from about $13,000 to over $29,000 in just two months, should be considered as a possibility in this regard.
“Bitcoin’s two-month candle, right after the maximum compression point, is at the highest point of the candle body.
RSI (Relative Strength Index) is about to break 70.
These were the conditions that led to the last three parabolic rises. They have been the leading signal three times before.
I suspect the next two-month candle will be as long as November 2020.”
As of the time this article was prepared, BTC is finding buyers at $64,000 and has risen roughly $8,000 from the dip at the beginning of the month.
