Bitcoin Price is at $5,022 USD as BTC Community Gears Up for a Wild Year Ahead

For the past 3 days, Bitcoin has been conformable floating around $5k after flashing past $5k on April 2nd from $4,100. Now, everyone is anticipating its next move but as we all know Bitcoin moves at its own speed.

According to Trace Mayer, the host of Bitcoin Knowledge podcast and KrakenFx investor shared, crypto spring started with Mayer Multiple being above 1.0 and if history and future rhymes then Bitcoin could have a wild year in 2021 with the price going between the range of $100k to $250k.

“The current Mayer Multiple is 1.08 with a BTC price of USD 4,997.30 and a 200 day moving average of $4,626.72 USD. The TIP Mayer Multiple has historically been higher 60.99% of the time with an average of 1.48.”

Bitcoin to Enter into a Parabolic Phase

The current surge in price has many believe that the bear market has truly ended which could be the case as the CEO of Blueshyft, an Australian-based payment processing service said,

“Yesterday Blueshyft saw the highest single day deposit volume since May 2018. That is new fiat inflow into crypto, retail buyers are coming back into the market.”

Meanwhile, Peter Brandt, a veteran technical trader who predicted the crash of Bitcoin price in January 2018 has also turned bullish.

In the long term, Bitcoin is expected to make another all-time high in the coming years. And Brandt also sees Bitcoin entering a new parabolic run.

According to the chart, shared by him, the current pattern shares similarities with the pattern of the 2014 and 2015 market cycle that led to the rally that saw BTC rising to 20,000.

However, in the short term it is a possibility that just like the 2015 cycle, Bitcoin could form a double pattern by revisiting the yearly low of $3,100 from December, last year.

The Future Potential

Moving further down the road, according to industry experts, the digital gold could become a store of value just like the yellow metal, gold, in the future. No doubt, in many aspects the digital currency is better than gold when it comes to being divisible, censorship-resistant, verifiable, portable, and scarce.

In the past 20 years, Gold has outperformed S&P 500, oil, bonds, mixed portfolios, and the average investor with annualized returns. In the coming decades as Bitcoin becomes sound money and moves toward becoming a store of value, the opportunities for BTC are endless.

Live Bitcoin (BTC) Price:

1 BTC/USD =$27,624.5536 change ~ -1.63%

Coin Market Cap

$535.57 Billion

24 Hour Volume

$4.39 Billion

24 Hour VWAP

$27.93 K

24 Hour Change


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