A lot of traders were surprised by Bitcoin’s surge to $13,800 just like they were surprised by the correction. Currently, the most dominant cryptocurrency is trading below $12,000 but an analyst is certain that Bitcoin will mirror the 2012 bull run.
As the latest cryptocurrency news show, the Crypto Twitter community is full of price predictions. They were certainly expecting a long consolidation period after BTC dropped by 85% from its all-time highas of $20,000. This is why people were pessimistic about BTC at $3,100 – but then again, there were others who bought at the time and took heavy profits later when BTC consolidated to $6,000.
A popular pseudonymous analyst on Twitter who is named The Crypto Dog has amassed his 147,000 followers recently, posting a chart in which he says that Bitcoin will mirror the 2012 bull run only because it closely resembles it. The chart also highlights how the current trend reversal is quite different from the 2015 consolidation.
“Bitcoin is acting a whole lot more like 2012 than 2015,” the analyst wrote.
#Bitcoin is acting a whole lot more like 2012 than 2015.$BTC $BTCUSD #BitcoinIsBack pic.twitter.com/Pd5IBPZd6X
— The Crypto Dog📈 (@TheCryptoDog) June 25, 2019
As many best cryptocurrency news sites noted, the two key technical differences between the 2012 and the 2015 crypto winters are the actual patterns and the timeline. Before bulls launched the parabolic run in 2012, BTC had to reverse its trend. The 2015 downturn run, on the other hand, needed a double bottom structure to break out of a long bear market.
If the analyst saying that Bitcoin will mirror the 2012 run is correct, we can see big headlines in the altcoin news section too. Bitcoin is certainly triggering the altcoins to move and the entire market to surge in general.
Another popular crypto personality, John McAfee, said that there are a lot of big things coming for Bitcoin. As he said:
“You think this is exploseve growth? LMFAO!”
McAfee’s full tweet reads:
You think this is exploseve growth? LMFAO! Just wait. My only only real talent is math, and it is a mathematical certainty that the growth you are seeing is a yawn compared to what's coming. pic.twitter.com/SvRjne2h4a
— John McAfee (@officialmcafee) June 26, 2019
Even though both of the statements are different, he two analysts are supporting each other with their analysis.
The bottom line is that according to Crypto Dog, Bitcoin will mirror the 2012 run. If this happens, then McAfee also might be correct – and Bitcoin may increase to a lot more from its current price – and definitely a lot more than its 2019 price bottom at $3,100.
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