Current Bitcoin bull market points to $ 390,000, according to data

It has been claimed that the Bitcoin (BTC) price could reach almost $ 400,000 if the current bull cycle continues.

Yassine Elmandjra, cryptocurrency analyst with asset manager ARK, sent on February 4 tweetHe commented on the potential of the BTC / USD pair in Turkey.

Is the BTC price going to $ 400,000?

Compared to 2013 and 2017, the 2020-21 cycle seems to be just starting out. The analyst’s hypothetical chart shows that the highest possible level could be around $ 390,000.

“Just as the bull cycle in 2017 overshadowed the cycle in 2013, if the current bull market surpasses the one in 2017, bitcoin price could rise rapidly,” Elmandjra said.

“The price can be seen around $ 390,000 per bitcoin. The region we are in is the starting point.”

Prediction chart for BTC / USD pair based on previous bullish cycles. Source: Yassine Elmandjra / Twitter

Elmandjra said that the price of $ 390,000 would be possible once it reaches a market value of about $ 8 trillion in Bitcoin. This amount corresponds to roughly 80 percent of gold.

The perfect storm for the bull

Thanks to declining US dollar strength, institutional interest, and the work of the $ 30,000 support, it may not be long before the bulls take control.

Investor Dan Tapeiro said on Tuesday that Bitcoin’s moving average convergence divergence (MACD) is a data to be taken into account.

Daily candlestick chart and MACD indicator for the BTC / USD pair. Source: Tradingview

“It looks like there will be consolidation in Bitcoin,” he tweeted.

“The price now benefits from the excellent support it received at $ 30,000. We keep moving forward as we speak. The overbought MACD has worked.”

Tapeiro also expects great interest from institutions following the private conference held by MicroStrategy, which currently holds over 70,000 BTC. More than 1,400 executives attended the event this week, and CEO Michael Saylor likewise suggested that the acquisitions will accelerate this year.

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