Bitcoin, which exceeded the psychological limit of $ 30,000 in the past week, fell to $ 29,900 while entering the new week.
While investors are waiting for the rise in BTC to continue, good news came from K33 Research analyst Vetle Lunde.
According to the news of Coindesk, Vetle Lunde, who likens the current situation of BTC to the rise in the beginning of 2019, thinks that the price of Bitcoin may rise to $ 45,000 next month.
Referring to the drops that Bitcoin experienced in 2022, the analyst said that the big and sharp drops that BTC experienced and then its strong recovery are similar to the 2018-2019 bear market.
“Bitcoin’s decline in 2022 and the subsequent recovery are similar in length and trajectory to the pattern seen in the 2018-19 bear market.
The bottoms lasted about 370 days in both cycles.
Bitcoin fell 84% in the 2018 bear market to $3,100 in December.
Afterwards, BTC entered an uptrend and reached $13,800 in June 2019.
In this context, BTC, which is similar to the 2018-2019 bear market, will peak at $ 45,000 around May 20."
Noting that BTC's rise since the beginning of 2023 has been described as a "hated bullish rally", the analyst noted that these rallies typically begin when investors reach the highest level of pessimism.
“The hateful rally in June 2019 ended with a significant peak of $13,800 before BTC continued its way with a 40-60% drop from its 2017 ATH.
The rally since early 2023 has all the hallmarks of a hated rally."
*Not investment advice.