August has been quite bullish so far. Bitcoin and the rest of the crypto market has rebounded from the correction some were calling as a bear market and who knows how long will it climb before "resting time" comes once again.
I was checking on a bunch of charts today to see how the prices have evolved over years, trying to guess where we might peak this cycle because yes, I do believe that we can only guess what the peak will be for Bitcoin and don't believe any chart can predict that.
Four years ago, on this date, Bitcoin was valued at $3,800 and by the end of the year, and also the bull cycle, it has managed to spike to as high as $20,000. That's 5X in four months.
One Ethereum was worth $300 on August 12, 2017 and it climbed as high as $1400 at the beginning of 2018, from where it felt to as low as $80. It has had pretty much the same price performance as Bitcoin had for the above mentioned time frame, which is around 5x.
Now if history repeats and we're gonna replicate the 2017 bull market, then we're 5X away from a peak that's supposed to occur sometime by the end of this year. That translates to a BTC worth $220,000 and around $15,000 in dollar valuation for one ETH. Will the price of Bitcoin and Ethereum reach such levels in four months from now?
I have no clue, and probably nobody knows for sure, but everything is possible. You know what else has been possible for the opportunist ones? Buying ETH at $80 and BTC at $3,000, just a couple of years ago. I bet we will never see these two at such low price levels...
The trend over the years is clear now and considering that this tech is still early on its evolutionary path, early adopters shall be rewarded. What do you think, Will The Crypto Market 5X The Current Level By The End Of The Year?
Thanks for attention,
Adrian
