Since the massive drop of the BTC price in mid-March was able to recover the Bitcoin exchange rate good. Driven by the global recovery of the financial markets, made it the crypto currency no. 1 to exceed the level at the beginning of the year. If Bitcoin is currently at +35% above the market value as of 01.01.2020 is marked border, the important mark of $ 10,000 recently, the moments top.
This should not be a reason for concern, demonstrated most recently a financial Advisor and crypto-analyst. This looks in the recovery from the low for the year of a significant thickness and predicted in the medium term, a Bitcoin price of $ 75,000.
How the reasoning looks like and how much Hopium is in it, you can find out in this article.
Bitcoin dominance remains at a high level
The Basis of today’s report comes from the financial analysts (CFA), Timothy Petersen. Before we take a closer look at his Hypthose and their justification, we are talking about the Bitcoin domination.
First of all we hold here is that in recent years a massive increase in the Bitcoin’s dominance has taken place. Since the Burst of the crypto bubble 2017/2018 the strength of BTC is increasing constantly. While the domination in January of 2018, was a Bitcoin rate of 13,700$ just 32,18%, it is currently at almost 65%.
In view of the fact that the Bitcoin exchange rate just record of just under $ 10,000, this shows the weak Performance of many Altcoins. This fact Timothy Petersen is in the following Tweet:
Since the #crypto bubble popped in Dec 2017, #bitcoin has carried on while #altcoins have continued downward. pic.twitter.com/U8S3xYdzH6
— Timothy Peterson (@nsquared crypto) June 6, 2020
So far, So good. However, as Peterson is now the Bitcoin price prediction of $ 75,000 USD?
Bitcoin exchange rate of $ 75,000 in sight?
The answer Peterson takes place in a historical pattern, in which he sees Parallels to the recent share price recovery since the low for the year. Let’s first look at his Tweet:
The 2020 #bitcoin recovery has tracked the 2013a recovery almost perfectly. Are we weeks away from $75,000? pic.twitter.com/3u3xjDMmgl
— Timothy Peterson (@nsquared crypto) June 7, 2020
Peterson argues that the current Course parallel to the recovery in 2013. This will be the Tweet on the blue-colored curve. This trend would stop now, so Peterson, was a Bitcoin price of $ 75, 000 only weeks to months.
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Criticism of the forecast
Although for many investors the number of 75,000 magically may sound, it must take the Wind out of the sails. First of all, the prognosis is already very thin, since it is based only on a single Parameter. Current influences are taken into account in any way.
In addition, the former Bitcoin exchange rate Pump was largely manipulated. According to a report called “The Report” from the year 2014, the now closed exchange was Mt. Gox for the price increase. The use of a manipulated data set as a basis, is less helpful. In this respect, we must hold that the Bitcoin exchange rate forecast is largely Hopium.
What do you think about the prediction of Timothy Peterson? – Has your opinion of the story?
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