Bitcoin Could Explode By Over 50% According To Chart, InvestAnswers Says – Here’s the timeline
A popular crypto analyst is expressing bullish sentiment on Bitcoin (BTC) based on historical precedent.
In a new video, the anonymous host of InvestAnswers tells its 443,000 YouTube subscribers that Bitcoin could explode by around 54% from current levels to $45,000 if history repeats itself.
Referring to a chart published by crypto research firm K33 showing that Bitcoin is currently exhibiting a similar pattern as it was during the 2018/2019 bear market, the popular crypto strategist says Bitcoin could hit the price target in about a month.
“If this pattern repeats and we get to that level where I’ve added a little red arrow… it means we could be back to $45k by May 20 or a month or so.
After that there is a bit of a breather, a bit of sideways movement, a bit of consolidation.”
Source: InvestAnswers/YouTube
Bitcoin is trading at $29,210 at the time of writing.
What long-term owners of Bitcoin are likely to do next compared to what they did during the 2018 bear market, says anonymous host of InvestAnswers:
“Right now I think the long-term owners are a lot more committed than they were four years ago. And they are still not ready to sell at the 60% loss that we had.”
According to the popular crypto strategist, another banking crisis, if it happens, could spark an even “faster” Bitcoin rally.
“As we have seen, the crises in the banking system have indeed fueled bitcoin, as has the regulatory bottleneck – it has fueled bitcoin. If this continues, who knows, another banking crisis – that could push this up faster.”
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