The price of Bitcoin has doubled in the past 75 days, prompting some analysts to question whether the market is approaching over-extension.
However, historical analysis from Bitcoin monitoring team CaseBitcoin suggests the Bitcoin markets could accelerate further, noting that BTC’s “doubling time” — the time taken for price to increase by 100% — shrunk down to just 12 days just before the peak of the 2017 bull run.
3/ How low can it get? In 2017, the fastest doubling pace – 12 days – happened on December 7th, nine days before the 3yr peak: pic.twitter.com/CgyIjDBJwU
— CaseBitcoin (@case4bitcoin) March 16, 2021
CaseBitcoin notes the fastest doubling time recorded during the current market cycle was on Jan 7th, with BTC surging from $21,000 to $42,000 in just 22 days.
The firm suggests there are similarities between January’s market action and that which occurred during August 2017 — the “middle period of the 2017 bull market.” Back then, Bitcoin’s price doubled over just 26 days to tag $5,000 for the first time, before slumping by 40% in the following weeks. Speaking of the recent run up, CaseBitcoin concluded:
”Generally, the last few months look like thatTitle: Bitcoin’s price doubled in 75 days — How long until the next 100% leg up?
Sourced From: cointelegraph.com/news/bitcoin-s-price-doubled-in-75-days-how-long-until-the-next-100-leg-up
Published Date: Wed, 17 Mar 2021 04:53:25 +0000
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