A popular technical analyst under the pseudonym Galaxy claims that a new Bitcoin rally has begun. According to the expert, the unfolding price correction could lead to a gold price of $ 330,000.
Bitcoin price recovery
On April 1, Galaxy tech analyst, popular on the Twitter social network, published a post in which he stated that the price of Bitcoin could rise to $ 330,000.
According to Galaxy, the value of a digital asset is experiencing a new price rally, which is structurally similar to the patterns that were in 2015. Analyzing the monthly graph of the Bitcoin price reversal, Galaxy concluded that in the near future, Bitcoin expects a rapid growth rate.
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As stated in the message, a few years ago, the rapid growth of Bitcoin was seen from a mark of $ 300. In two years, the cost of digital gold increased by 6,500%. Analyzing the retrospection of previous patterns, Galaxy said that Bitcoin can expect the past cost growth scenario.
"Observation of structural similarities between the monthly candlesticks of October 2015 and April 2019. October 2015 marked the beginning of the most significant growth in the history of BTC after a price jump of 6,500% in 2 years. Another similar growth puts the BTC at over $ 330 thousand per coin by the end of 2021." – Galaxy, Twitter.
According to the technical analyst, the new Bitcoin price rally could raise the rate to $330,000. Recall that we have already written about the development of the social movement – Bitcoin against gold.
Editor: Jerg Wos