A renowned cryptocurrency expert, known as Jelle, has shared an incredibly positive outlook for Bitcoin, suggesting that the digital asset could reach an all-time high of $82,000. Jelle believes that Bitcoin is exhibiting a pattern that indicates a strong upward momentum and a potential breakout to new heights. In a tweet, he stated, “History does not repeat, but it often rhymes. It’s time for the Power of Three to make its way towards the target: $82,000. Go time, next week.” Jelle’s analysis suggests that Bitcoin is poised for a significant surge in value.
The highest price ever paid for a single Bitcoin was $73,737.94, recorded on March 14. Currently, Bitcoin is trading at $68,717.50, with a slight increase of 0.9% in the past 24 hours.
Recent data from the analytics platform Glassnode indicates that Bitcoin’s recent price movement resembles the bull market seen between 2015 and 2017. After approaching its all-time high, Bitcoin has exhibited a pattern similar to the previous bull market. The volatility in Bitcoin’s price was initially driven by expectations of the United States Securities and Exchange Commission (SEC) approving Ethereum index funds. This optimism pushed Bitcoin’s price to nearly $72,000 on May 21, a level not seen since early April. However, with the approval of Ethereum ETFs, Bitcoin’s price experienced a setback.
Glassnode’s analysis reveals that the decline in Bitcoin’s price during the current uptrend is remarkably similar to the 2015-2017 bull market. Despite the recent correction, Bitcoin managed to recover and reach $71,000 on May 20.
It is important to note that the views and opinions expressed in this article, including those of Jelle and Glassnode, are solely for informational purposes and should not be considered as financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
In other news, Bitcoin whales have made significant purchases, buying $1.34 billion worth of Bitcoin in just 24 hours, indicating a positive market sentiment. As a result, Bitcoin’s price has returned to $70,000 after the market’s recovery.