This, after a volatile few weeks which saw the world’s largest cryptocurrency trade as high as $58k in the second week of May, before depreciating dramatically on the charts.
Nevertheless, as circled and highlighted in the attached chart, Bitcoin has been ahead of both cycle two and cycle three during different stages.
If the same 100% is applied to the current $36k market price, Bitcoin would just cross the $72k range.
The analyst also suggested that it would become essential for institutions to step up to take Bitcoin’s price to the aforementioned level.
The ongoing cycle is quite similar to the 2013 cycle, but it has elongated significantly.
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice.