New data suggests that Bitcoin might double this year and might also see two price tops.
On Wednesday, the CEO of investment firm Capriole, Charles Edwards, said in a tweet highlighted 2021 as having one fundamental similarity to 2013 when it experienced a double top bull cycle.
Bitcoin experiences the second peak
Bitcoin split opinions whether its bull run in 2021 is more similar to 2013 or 2017.
If we look at one metric, with its profit and loss, the answer might be simple. According to Edwards, it was only 2013 that produced similar results for profitability.
He summarized that new evidence shows that a Bitcoin will double.
This year, this perspective accommodates the famous stock-to-flow price example, demanding an average BTC/USD showing of $100,500 or even more. For Bitcoin, its creator previously gave a minimum of $136,000 as a worst-case scenario.
Not only several findings are arriving at the conclusion that bitcoin will double.
The Bitcoin Bubble Index, the dedicated monitoring tool, furthermore describes a two-phase price peak this year.
The Bubble Index reached its all-time high of 118 at the beginning of April when BTC/USD reached its current all-time high of $65,500. Currently, it measures 111, with Bitcoin sitting at $45,500, which seems almost the same as the top.
In May 2021, while Bitcoin was entirely on its way to catching a native low of $ 28,000, data from the on-chain analytics agency additionally showed that 2013 would follow these 12 months.
According to Forbes, Bitcoin Bubble might show up when investors identify Bitcoin’s enormous negative influence on the environment.
The climate change problem associated with blockchain technology is the main reason for the answer. The huge demand for bitcoin transactions is a fundamental fact in life, and in this case, investors seem to look at these issues with their eyes shut.