{"id":171462,"date":"2021-02-05T13:06:20","date_gmt":"2021-02-05T10:06:20","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/top-around-390k-new-chart-shows-this-bitcoin-bull-run-is-only-beginning\/"},"modified":"2021-02-05T13:06:20","modified_gmt":"2021-02-05T10:06:20","slug":"top-around-390k-new-chart-shows-this-bitcoin-bull-run-is-only-beginning","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/top-around-390k-new-chart-shows-this-bitcoin-bull-run-is-only-beginning\/","title":{"rendered":"# &#8216;Top around $390K&#8217; \u2014 New chart shows this Bitcoin bull run is only beginning"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3cd912b5410\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3cd912b5410\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/top-around-390k-new-chart-shows-this-bitcoin-bull-run-is-only-beginning\/#BTC_price_to_400000\" >BTC price to $400,000?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/top-around-390k-new-chart-shows-this-bitcoin-bull-run-is-only-beginning\/#A_perfect_storm_for_bull\" >A perfect storm for bull<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># &#8216;Top around $390K&#8217; \u2014 New chart shows this Bitcoin bull run is only beginning <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin (BTC) could reach almost $400,000 this bull cycle simply by copying previous behavior, one popular analyst has said.<\/p>\n<p>In a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/yassineARK\/status\/1357115574699057154\">tweet<\/a> on Feb. 4, Yassine Elmandjra, cryptoasset analyst at asset manager ARK, revealed just how early on in its current bull run BTC\/USD really is. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"BTC_price_to_400000\"><\/span>BTC price to $400,000?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Compared to 2013 and 2017, the 2020-21 cycle is barely off the start line, with a hypothetical chart suggesting that the top this time around could be as high as $390,000.<\/p>\n<p>\u201cThis is how bitcoin\u2019s price would behave if the current bull market dwarfed the 2017 bull market in the same way the 2017 bull market dwarfed the 2013 bull market,\u201d Elmandjra added in comments. <\/p>\n<blockquote><p>\u201cThe top would be around $390,000 per bitcoin. The red dot is where we\u2019d be now.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/a8c1b1dd-cea2-4211-903d-2f80ac1cd4a3.jpeg\"><figcaption style=\"text-align: center;\"><em>BTC\/USD hypothetical chart based on previous bull runs. Source: Yassine Elmandjra\/ <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>With various indicators all now pointing to a continuation of bullish upside for Bitcoin, Elmandjra is not alone in predicting serious progress in the mid to long term. Responding, however, fellow analyst Tuur Demeester <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TuurDemeester\/status\/1357356499815833602\">noted<\/a> that in terms of increases, 2013 in fact beat 2017.<\/p>\n<p>The true \u201cpower\u201d of the latest bull run thus depends on various factors, with other recent comparative data suggesting that this year ranks exactly between the two previous examples.<\/p>\n<p>Elmandjra confirmed that a $390,000 price would correspond to a Bitcoin market cap of around $8 trillion \u2014 roughly 80% of that of gold. As Cointelegraph reported, estimates suggest that in real terms, Bitcoin has so far cornered just 2% of that amount.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"A_perfect_storm_for_bull\"><\/span>A perfect storm for bull<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Focusing on the immediate future, however, well-known figures are primed for a price continuation to begin imminently.<\/p>\n<p>Thanks to a combination of declining U.S. dollar strength, corporate interest and consolidating $30,000 support, it may not be long before bulls return to the driving seat.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<p>Commenting on Tuesday, investor Dan Tapeiro highlighted Bitcoin\u2019s moving average convergence divergence (MACD) as the latest metric to flip.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/aa04168b-0824-49a2-a68f-bdcd9e2e8105.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-day candle chart with MACD. Source: Tradingview<\/em><\/figcaption><\/figure>\n<p>\u201cOh boy! Looking like consolidation over in #Bitcoin,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/DTAPCAP\/status\/1356688296668184577\">tweeted<\/a>. <\/p>\n<blockquote><p>\u201cPrice stems at 30k excellent support now. Breaking up through flag as we speak. Overbought macd worked off.\u201d<\/p><\/blockquote>\n<p>Tapeiro also anticipated heavy interest from institutions as a result of a dedicated conference by MicroStrategy, the company which now holds over 70,000 BTC. Over 1,400 executives attended the event this week, with CEO Michael Saylor likewise predicting that buy-ins would accelerate this year.\n<\/p><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/top-around-390k-new-chart-shows-this-bitcoin-bull-run-is-only-beginning\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# &#8216;Top around $390K&#8217; \u2014 New chart shows this Bitcoin bull run is only beginning &#8221; Bitcoin (BTC) could reach almost $400,000 this bull cycle simply by copying previous behavior, one popular analyst has said. In a tweet on Feb. 4, Yassine Elmandjra, cryptoasset analyst at asset manager ARK, revealed just how early on in&#8230;<\/p>\n","protected":false},"author":1,"featured_media":171463,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvYzA5ZTc5NGUtZmZjYS00ZjZjLTg3NDItZjc2NzE0MWJhZDE4LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785,68637],"class_list":["post-171462","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets","tag-predictions"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/171462","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=171462"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/171462\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/171463"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=171462"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=171462"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=171462"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}