Bitcoin Primed for ‘Astounding’ Next 60–70 Days As BTC Mirrors 2019 Price Action, Predicts InvestAnswers
InvestAnswers, a research and analysis platform, predicts that Bitcoin is primed for an “astounding” next 60-70 days that mirrors the cryptocurrency’s 2019 price action. The prediction is based on the similarities between BTC’s recent price action and the bull run of 2019.
The analysis points out that Bitcoin’s price had a sharp uptick in 2019 after experiencing a prolonged period of sideways movement. Currently, Bitcoin has been moving sideways between the $30,000-$40,000 range since May, which suggests a similar breakout may happen soon. Moreover, Bitcoin’s present consolidation resembles the events that preceded the 2019 bull market, leading analysts to believe that the next few weeks could be a turning point for the cryptocurrency.
InvestAnswers further emphasized that the resistance that Bitcoin faced at $42,000-$43,000 is identical to the resistance it encountered during the 2019 bull market, in which BTC swept past $14,000 resistance after several failed attempts. The research platform noted that BTC’s upward trend could take it to the $100,000 range by the end of this year.
The platform adds that the current sentiment towards Bitcoin is overwhelmingly bearish, with many speculating that the cryptocurrency’s value will plummet in the coming months. However, InvestAnswers believes that such a view is short-sighted, as Bitcoin’s price has historically moved in cycles of boom and bust.
The recent increase in regulatory scrutiny of cryptocurrency markets by institutions worldwide has not affected Bitcoin’s price, which is predicted to rise over the next couple of months. Additionally, more institutional investors and companies, including Tesla and MicroStrategy, have been increasing their holdings of Bitcoin, indicating the increasing mainstream adoption of cryptocurrencies.
In summary, InvestAnswers is predicting that Bitcoin’s present consolidation period resembles the 2019 price action and that the next 60-70 days could see an “astounding” rise in BTC’s value. The platform’s analysts believe that Bitcoin’s current bearish sentiment will change, and its price could reach up to $100,000 by the end of the year.
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