Last Time Bitcoin (BTC) Broke Past $6,000, Fundamentals Were Dramatically Weaker
Booming Bitcoin Fundamentals
While Bitcoin (BTC) is still currently trading in late-2017 levels, a lot has changed over the past year and a half. As a number of key industry commentators have pointed out, the fundamental strength of the industry has improved dramatically since years past, and that developments boosting the underlying strength of the cryptocurrency ecosystem could amplify the next bull rally (if it ever arrives).
As Marty Bent, a prominent Bitcoin-centric content creator recently opined, the last time BTC passed $5,200, Square’s Cash, lead by Twitter chief executive Jack Dorsey, wasn’t selling Bitcoin; retail brokerage giants TD Ameritrade and E*Trade weren’t planning on offering spot cryptocurrency trading; Fidelity Investments wasn’t enticing institutions in with a custody and up-and-coming trade execution product; and small yet still key pieces of infrastructure had to launch.
Prominent industry commentator The Rhyhtm Trader, who also goes be Alec Ziupsnys, echoed this analysis. Along with the aforementioned points, it was added that the Lightning Network now exists, and commands over BTC in its ecosystem.
All this adds to the theory that when the next bull run comes to life, the rally that follows will be bigger than ever. As Bent rhetorically notes in reference to his series of points: “imagine what this bull run is going to look like.” But that’s the question that everyone has really been asking — how far will Bitcoin go during the next parabolic surge?
Well, as reported by Ethereum World News just the other day, that answer may be somewhere in the six-figure range.
One analyst, the self-proclaimed “cryptocurrency accumulation machine” Galaxy, claims that Bitcoin’s current monthly chart looks eerily similar to that seen in late-2015, when BTC finally began to embark on a rally yet again. This is notable, as the last time BTC’s chart structure looked as it did now (a massive green candle after ~one year of selling pressure), what followed was a 6,500% price surge in a two-year time frame. Thus, Galaxy notes that if historical precedent is followed to a tee, a bull run of the previous one’s magnitude will place BTC at over $333,000 per unit by the end of 2021. BTCC’s Bobby Lee (Charlie Lee’s brother), Twitter commentator $carface, Naeem Aslam, and Filb Filb are among other pundits who believe that a move to this level will occur, in a few years’ time no less.
Title Image Courtesy of Chris Liverani Via Unsplash