Bitcoin
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The bitcoin price surpassed $30,000 per bitcoin for the first time since last summer, while ethereum has risen to over $2,000 per ether as upgrades fuel a price boom.
Now, after a Bank of America report revealed a "key driver of digital asset adoption that had just crossed a major milestone." Researchers have analyzed data that points to a big bitcoin price prediction that could add $300 billion to bitcoin's market capitalization.
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The bitcoin price has soared higher so far this year, pushing up the price of ethereum and other major ... [+]
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The bitcoin price could peak at around $45,000 next month, according to K33 Research senior analyst Vetle Lunde, who analyzed data from previous bitcoin cycles.
“While history is unlikely to repeat itself in a similar fashion if the fractal were to continue, Bitcoin would peak around May 20 at $45,000,” Lunde wrote in a blog post. "While no one should expect a 1:1 mirror image of the current drawdown over past ones, the similarity to the 2018 drawdown is uncanny."
The bitcoin price plunged 84% in 2018, falling to lows of around $3,000 per bitcoin following its huge 2017 bull run that pushed the bitcoin price to around $20,000, up from less than $1,000 in early 2017 .
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The bitcoin price has fluctuated a lot in recent years along with the ethereum price, with ... [+]
Forbes Digital Assets
After the 2018 bitcoin price crash, the 2019 rally sent the price back up to nearly $14,000 by the end of June. The 2018 and 2019 bitcoin price crash and subsequent rise are mirrored in the 2022 bitcoin crash and rally during the first few months of 2023.
However, some think that the slowdown in bitcoin's "momentum" could signal a rotation toward ethereum and other smaller cryptocurrencies, sometimes called "altcoins."
"Bitcoin's momentum has now slowed at the key $30,000 resistance level," Marcus Sotiriou, a market analyst at digital asset broker GlobalBlock, said in emailed comments. “This is in line with investor optimism about a possible alt season in the coming weeks. This is because Bitcoin's dominance increased significantly recently, leaving altcoins behind. Furthermore, ethereum tends to lead the market in terms of of weakness and strength, and ethereum is currently showing strength as it rally above the key $2,000 level."
