Tuesday was a really nice day for Bitcoin because that’s the day that the top crypto finally found its way out of a long rut. It will be remembered, though, that Bitcoin had its best days during the All-Time-High peaks of December 2017. Since then, things haven’t been exactly rosy for the investors.
After months of anguish under a bearish siege and after dropping to its knees to hit the lows of $3,000, the sun seems to have started shining on Bitcoin again. On Tuesday, the crypto scored a nice 20% price increase.
$5000: Floor Or Ceiling?
However, the hard part is yet to be crossed. At the moment, Bitcoin is still lingering around the $5,000 price mark, making some speculators nervous and indecisive of whether this is now the crypto’s bottom or the ceiling. Still, that’s not to say that there aren’t those who see this new development as the gateway to an oncoming major bull run.
How About A 200% Surge?
According to Fundstrat Global Advisors, a New York-based research firm, Bitcoin is far from exercising its full potential. According to this Wall Street researcher, a close analysis of data concerning Bitcoin’s market behavior puts the crypto on a bullish footing. Fundstrat goes on to opine that Bitcoin could soon achieve an impressive 200% price upsurge to effectively peg its price at a cool $13,500. That’s a good position close to the $20k figure of the crypto’s ATH price.
To arrive at this conclusion, Fundstrat examined Bitcoin’s history, specifically its 200-day moving averages. The recent upswing puts Bitcoin above its 200-day moving average, and the examined data indicate that at such an instance, the crypto stands an 80% chance of pushing up further as opposed to the 36% advantage when it’s below the said average.
They Might Be Right
One very peculiar fact is that at the time of the issue of Fundstrat’s report, Bitcoin was trading at around $4,500. The crypto has since swung up to $5,000. What if this projection is right?
Also, Fundstrat isn’t the only entity going all bullish on Bitcoin. Big wigs like Mike Novogratz, the Winklevoss brothers, and even Changpeng Zhao have been all bullish on BTC.