New data shows that Bitcoin could see BTC price peak in 2021

Bitcoin (BTC) is dealing with a “double bubble” and can see two price highs this 12 months, new data shows.

In one tweet 18, Charles Edwards, CEO of funding agency Capriole, emphasised that 2021 bears an necessary similarity to the 2013 double bull cycle.

Bitcoin is rising to hit the second peak

Bitcoin has divided opinions on whether or not its bull run in 2021 would be the identical because it was in 2013 or 2017 – the 2 years that stay proper after the block subsidies have been reduce in half.

Looking at an index, unrealized achieve and loss (UP&L), the reply may be easy. According to Edwards, solely 2013 noticed related outcomes in phrases of coin profitability.

“New evidence of a Bitcoin double bubble,” he summarized.

“During previous cycle peaks, bounce sessions have never been able to keep unrealized gains and losses above 0.5. Only the double bubble of 2013 and today achieved this. “

Such a view is even more in line with the popular flow-through stock pricing model, which has an average BTC / USD value of $ 100,000 or more this year. Its creator, PlanB, previously named a minimum amount of USD 135,000 at the end of the year as the “worst-case scenario” for Bitcoin.

Double bladder?

The outcomes should not the one ones resulting in the conclusion of a “double bubble”.

Related: No, Bitcoin isn’t kicking in 2018 – as the bear cycle, new data shows, as BTC is aiming for $ 45,000

The dedicated monitoring tool Bitcoin Bubble Index is also showing a two-stage high this year.

In context, the bubble index hit an all-time high of 119 on April 14th when BTC / USD hit its current all-time high of $ 64,500. It currently measures 110, which is roughly its high, with Bitcoin trading at $ 44,500.

In May, when Bitcoin was on its way to a local low of $ 29,000, data from online chain analytics firm Glassnode also suggested this year is mimicking 2013.