Buying Bitcoin Now Mirrors The $27,000 Price Point In 2021, According To An Expert

Last updated: June 17, 2024

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Buying Bitcoin Now Mirrors The $27,000 Price Point In 2021, According To An Expert

Lately, Bitcoin (BTC) has faced significant challenges in gaining momentum, evidenced by the token breaking below former resistance levels, which have been converted to support marks in the past.

At press time, CoinGecko’s price statistics revealed that the flagship crypto asset is changing hands at about $65,850, reflecting a slight 1.1% decline from the previous day. Bitcoin’s market cap continues to hold more than half of the entire crypto market valuation, estimated at around $1.298 trillion.

Despite the price plunges, investors have maintained faith in Bitcoin’s bounce-back abilities, with a trading volume valued at about $21.5 billion.

Meanwhile, BTC’s minimum and maximum price range in the past 24 hours reflected minimum and maximum prices of about $65,596.24 and $66,992.51, a possible indication that the token is flirting around the $65,000 price mark, with heightened chances of breaking below it if the prevailing condition persists.

Amid the uncertain market outlook, a market expert has likened buying Bitcoin now to the token’s market cycle in 2021, when it was trading around the $27,000 price range. Subsequently, this insight will dwell on this analyst’s projection as we unravel how high BTC is poised to fly in this cycle.

Why Buying BTC Now Is Similar To 2021 When The Coin Was Worth $27K

Taking to his verified X handle, renowned market expert “TedPillows,” with the display name Ted, confidently asserted that buying Bitcoin now mirrors a similar action to buying the coin in 2021, when it was trading around the $27,000 region.

Interestingly, Ted backed up his assertion about BTC replicating its 2020 – 2021 cycle by citing a double bottom on BTC’s price chart, similar to an observation on the token’s trading graph in 2020.

According to an attached chart relating the 2020 – 2021 cycle to Bitcoin’s current cycle, Ted spotlighted BTC’s breakout from below the $30,000 price mark in October 2023, which the coin sustained up till its present point where it appears to have experienced hindrances ascending further.

Ted’s Expectations From Bitcoin In This Cycle

Stating his expectations from Bitcoin in its current cycle, the market expert noted that he anticipates a similar price appreciation pattern in the 2020 – 2021 cycle that saw the world’s most valuable crypto asset spike by about 150% – 200%, to attain it’s previous $69,000 all-time high (ATH).

Going further, Ted noted that like the former cycle that birthed Bitcoin’s previous ATH, a similar price surge ranging from about 150% to 200% is on the horizon and should be sufficient to catapult BTC to a new ATH around $170K – $210K price region.

While Ted might fail to point out a timeline for his forecast, maintaining a similar cycle length as the 2020 – 2021 season implies that the above market expert’s price prediction will likely play out in 2025.

Price Prediction Analysis Projecting A Further Timeline For BTC At $210K

Even though Ted’s analysis might gear towards buying Bitcoin now because it boasts proven potential to skyrocket around the $170K to $210K region in 2025, our price prediction tool on Crypto2Community does not see BTC at $170K in 2025.

According to our analysis, BTC will likely hit a price high and low of about $201,300 and $140,000, respectively, implying a further timeline for the actualization of Bitcoin at $170K.

Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Author

Chinedu Agbakwusi

Chinedu Agbakwusi is a news writer and editor for Crypto2Community. He is a crypto enthusiast with vast experience across several crypto-related projects and platforms. Chinedu has been following the development of the crypto market for several years, and he is optimistic about its potential to democratise the global financial system. He hopes to be a reliable plug for reporting trends and breaking down complex concepts to his readers. Agbakwusi's previously written for several crypto news including Times Tabloid, UPay, while also contributing over the years to many others leading media publications.

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