A popular analyst said that Bitcoin (BTC) could hit nearly $ 400,000 in this bull cycle by simply copying past behavior.

In a tweet on February 4, Yassin El-Mangra, a cryptocurrency real estate analyst with asset management firm ARK, revealed how much BTC / USD is ahead at the start of the current bull race.

BTC price up to $ 400,000?
Compared to 2013 and 2017, the 2020-21 cycle is barely off the starting line, and a hypothetical chart shows the peak could reach $ 390,000 this time.

“This is how the price of bitcoin would behave if the current beef market eclipsed the beef market in 2017, just as the beef market in 2017 eclipsed the beef market in 2013,” Manjra added in comments.

The highest price will be around $ 390,000 per bitcoin. The red dot is where we want to be now. ”

The hypothetical Bitcoin / USD chart is based on previous bullish shifts. Source: Yassin El-Manjrah / Twitter
With various indicators indicating a continuation of the bitcoin bullish trend, Elmanjra is not the only one predicting major progress over the medium to long term. However, while Tor Demester analyst indicated in response that in terms of growth, 2013 actually surpassed 2017.

Thus, the true “strength” of a recent attack depends on various factors, with other recent comparisons showing that this year is exactly between the two previous examples.

Elmanjra confirmed that the price of $ 390,000 corresponds to the market value of bitcoins of about $ 8 trillion – about 80% gold. As reported by Cointelegraph, it is estimated that in real terms, Bitcoin has captured only 2% of that amount so far.

The perfect bull storm
However, focusing on the near future, the known numbers are preparing for an immediate price launch.

With a combination of a weak dollar, company interest and a $ 30,000 consolidated support, it may not be long before the Bulls are back in the driver’s seat.

In a commentary on Tuesday, investor Dan Tabiro noted the Bitcoin Moving Average Convergence Divergence (MACD) as the last calculation that needs to be changed.

“Hey boy! Looks like #Bitcoin consolidation, ”he tweeted.

“The reward comes from a fantastic 30k support. As we speak, science is breaking down. Overbought work by McDah. ”
Tapeiro also expects huge institutional interest as a result of a special conference for MicroStrategy, the company that now owns over 70,000 BTC. More than 1,400 executives attended the event this week, and CEO Michael Sailor also predicted acquisitions will accelerate this year.

Source: CoinTelegraph