In past cycles the price of Bitcoin went up 5x after it broke mid-cycle highs...
It's off to the races for BTC once we break $65k
In previous bull markets, breaking the mid-cycle high was a very big deal.
In 2013 the price of bitcoin went up 6.4x after breaking the previous mid cycle highs.
In 2017 the price of bitcoin went up 5.6x after breaking the previous mid cycle highs.
That means if/when we break the mid-cycle highs around $65k we could be looking at another 5x from there based on past trends...
(Source: https://twitter.com/JesseOlson/status/1448706586080268289/photo/3)
Some quick napkin math points to a number around $300k if history repeats...
Will it repeat?
Hopefully.
So far so good.
I like seeing these stats tho.
Today's dip wasn't fun.
Bitcoin go down.