CaseBitcoin Forecasts Bitcoin Price Doubling Time Based on Past Record Mar 17, 2021 Mar 17, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsMarch 17, 2021 by Kelly Cromley

CaseBitcoin Forecasts Bitcoin Price Doubling Time Based on Past Record

Bitcoin’s price gained 100% in the last 75 days, encouraging analysts to study whether the market is overheated and the numero uno crypto’s rally is over stretched.

Nevertheless, historical study of Bitcoin’s price movements by CaseBitcoin indicates that Bitcoin price could appreciate further, citing that the king of crypto’s “doubling time” (time span for price to increase 100%), has shrank to a mere 12 days before the peak of the 2017 bull rally.

CaseBitcoin also points that the quickest doubling time recorded during the prevailing market cycle was on January 7, with Bitcoin rallying from $21,000 to $42,000 in a matter of 22 days.

The firm indicates that there are parallels between January’s rally and the bull market of August 2017, which represents the near mid-period of that period’s bull rally.

At that time, Bitcoin’s price gained 2x in a matter of mere 26 days to hit $5,000 for the foremost time, before plunging by 40% in the weeks ahead. With respect to the latest rally, CaseBitcoin said:

The analysts further said “It’ll be interesting to see if doubling-times as fast as the end of the 2013 and 2017 cycles happen this time around too.”

Eight years back, Bitcoin liquidity doubling time decreased to a mere four days within a week of that bull rally’s peak. Several analysts trust that the prevailing rally will continue, with data published by Glassnode founders indicating that the decrease in Bitcoin’s liquidity (as assessment to understand the drop in floating coin supply) has expedited since the beginning of this year.

The data indicates that Bitcoin’s floating supply has been declining considerably since April 2020, with Glassnode assessing that 78% of available Bitcoin supply has already turned illiquid by the end of December 2020.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.