Here’s How We Can See Bitcoin at $62,000 by the End of October 2019
- Bitcoin currently above $9k, $12k not out of the question while 20% believe $50k is possible
- BTC’s weekly candle set up the same as the one seen in 2017
- In the past 24 hours, Bitcoin has surged to $9,428 on Bitstamp and has come down to $9,060 while currently trading at $9,141 with a loss of 1.11 percent. Meanwhile, the leading cryptocurrency is managing the daily trading volume of $1.3 billion.
Up 148 percent till date in 2019, Bitcoin is one the best performers that beats traditional investment options like gold, S&P 500, government bonds, and oil.
When it comes to returns, Bitcoin is up 30 percent in the past one month and 184 percent in six months. The percentage of gain increases dramatically that is by over 9,000% if you would have been an early investor, about six years back in 2013.
If you bought Bitcoin… pic.twitter.com/tAYYAD4u06
— Kevin Rooke (@kerooke) June 17, 2019
The Year 2017 Had A Similar Weekly Candle Set-up
Currently, we are around $9,000 level and getting ready to break the coveted $10,000 level. Per some industry experts, we will be hitting this level by either this or next month the most.
Meanwhile, analyst Cane Island Crypto states a jump of 33 percent from the current price point, that would put us at $12k is not out of the question.
For math impaired: (1+1.86)/(1+1.15)-1=0.33
— Timothy Peterson (@nsquaredcrypto) June 18, 2019
Moving even upwards, the possibility of BTC hitting $50k is believed by 20 percent of the people.
Through binomial option pricing, analyst planB shares how on dividing $10k by $50k we get this 20 percent that sees us going for $50k while 2.5% believe we would be jumping to $400k.
#bitcoin almost $10k
That means 20% believe $50k is possible .. or .. 2.5% believe $400k .. or .. 0.3% believe $3.2mln could happen.
What if those 20% 2.5% and 0.3% numbers will increase? pic.twitter.com/9YrqC0ODFQ
— PlanB (@100trillionUSD) June 17, 2019
However, things could turn out to be even better for BTC. Crypto analyst Galaxy shared an interesting chart where the current price action looks similar to that of 2017.
The year of the massive bull run to the all-time high of $20,000 had a similar weekly candle set up as the one we are seeing. This setup was followed by a 570 percent price increase over the next 147 days.
By this standard, another similar price increase will put Bitcoin price at about $62k by the end of October 2019.
Year 2017 had a similar weekly candle set-up as the one today, which was followed by a 570% price increase over the next 147 days.
— Galaxy (@galaxyBTC) June 17, 2019
We might not know yet the ultimate peak we would be seeing this time or the exact date for the same, but we have entered into the bull market that will see us hitting an all-time high.