There are all kinds of optimistic predictions about the price of Bitcoin these days following massive volatility. After Musk managed to boost the king coin again, it’s pouring with optimistic predictions about the price of the coin.
It’s been revealed by the online publication The Daily Hodl the trader and market analyst Lark Davis is looking to the past to see if Bitcoin (BTC) could hit six figures this year.
He recently said that Bitcoin’s current price action is reminiscent of Ethereum’s 2017 bull run.
Is there precedent for an asset having a massive run up, then a long brutal corrective period followed by a spectacular blow off top later that year? Yes, of course.
Ethereum did almost excactly that in 2017, ended the year 237% higher than the “top”https://t.co/9K7Ay7rK4x
— Lark Davis (@TheCryptoLark) July 20, 2021
He also shared a chart from analyst Benjamin Cowen that compares the return on investment (ROI) in previous crypto cycles.
“I also like this chart from Ben Cowen about Bitcoin cycle ROI. Either this was the shortest cycle with the lowest ROI or we are going to get a pretty spectacular second act.”
Fear and Greed Index
He used the Fear and Greed Index as a reference, and he said the following.
“Sentiment wise we are very bearish. I can give ample anecdotal evidence from my comment section here and on [YouTube], many are feeling very very pessimistic,” he said.
He continued and pointed out that “BTC fear and greed index has basically been below 25 for over two months!”
#ethereum will be under going the so called “Triple Halving” as part of the ETH 2.0 upgrade. This is a highly significant economic event for the asset which has serious implications for the price of ETH in the coming years
— Lark Davis (@TheCryptoLark) July 23, 2021
Stay tuned for more news, and keep your eyes on the market.