"This historical pattern shows that Bitcoin (BTC) could be weeks or months away from reaching $ 75,000"
Bitcoin has been trading laterally for the past month and was again rejected from the $ 10,000 resistance level. Obviously, there is a lot of uncertainty in the market, however, it is important to remember that Bitcoin is one of the few assets that managed to fully recover from the massive collapse of March 12 due to the Coronavirus pandemic.
This recovery clearly shows the strength of Bitcoin and its long-term potential, but it does not necessarily mean that we will not see more bearish stocks any time soon.
Bitcoin has been gaining dominance over altcoins for the past year. This market cap metric is important, but we must realize that BTC dominance may be lower due to artificial issuance of stablecoins like USDT. Taking that factor into account, Bitcoin's dominance has increased tremendously over the past year.
– Timothy Peterson (@nsquaredcrypto) June 6, 2020
According to Timothy Peterson, analyst and CFA manager at Cane Island Alternative Advisors, Bitcoin continued as altcoins continued to decline after the collapse of December 2017.
– Timothy Peterson (@nsquaredcrypto) June 7, 2020
Furthermore, Peterson also points out that Bitcoin's recent recovery in 2020 is extremely similar to what happened in 2013. According to this model, Bitcoin would be weeks or months away from reaching $ 75,000.
Unfortunately, the massive bomb that Bitcoin experienced in 2013 was probably not organic, as 'The Will Report' showed in 2014. The report shows that Mt.Gox was likely manipulating the market and helped Bitcoin hit new highs.
The report shows in detail how movements in Mt.Gox affected the entire market, but states the following:
"I want to make it clear that this report is not intended to make allegations, but to show the facts that can be gleaned from the information available to the public and to stipulate that there is more than enough evidence to suspect that what happened to Mt.Gox may have been an inside job. "