One of the most famous sayings on Wall Street is that a bull market tends to stay in motion unless an external force acts upon it. Bitcoinhas historically lived up to the adage modeled along Sir Isaac Newton’s third law of motion and could do so again, rising as high as $56,000 by the end of the year, according to crypto services provider Matrixport.
As of writing, bitcoin is trading above $35,000, representing a 114% on a year-to-date basis. The impressive gain could be attributed to several reasons, including spot ETF optimism, speculation the Federal Reserve’s liquidity tightening cycle has peaked and“Based on these statistics, bitcoin continues to offer upside potential, and a +65% year-end rally would lift prices back to $56,000,” Thielen added.
The chart shows the historical performance of bitcoin in the first ten months and the final two months of the year from 2010-2022. “When bitcoin is up at least +50% by the end of October, there is, on average, a 78% chance that bitcoin will advance even more into year-end. Bitcoin rallied another +68% until year-end on seven of nine previous occasions. This analysis is based on thirteen years of bitcoin history,” Thielen noted.
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Source: MarketWatch - 🏆 3. / 97 Read more »