The last time we saw a recovery like this in BTC, it just kept on going by jrcornel

hive-148441 · @jrcornel · Jun 9 '20

$8.59

The last time we saw a recovery like this in BTC, it just kept on going

# Bitcoin is in the midst of a historic recovery off of the March lows and it may just be the beginning...

As I type, bitcoin is hovering just under $10k, a far cry from where we were just a few short months ago when bitcoin was trading for $3,800 on a pandemic induced sell off.

Since those lows to the recent highs, bitcoin has almost done a 3x.

What's more than those magnificent returns though is how similar this recovery has looked to the recovery back in 2013...

Check it out:

![image.png](https://cdn.steemitimages.com/DQmPZUP3gBqMFeBcoWzYX7vc62snE7vhMy7qmEc6gyXgj7v/image.png)

(Source: https://twitter.com/nsquaredcrypto/status/1270127101358878723)

That blue line is the current 2020 BTC recovery while that black spotted line is the 2013 recovery...

As you can see, we have followed it remarkably well over the last few months.

# Ok cool, so what comes next?

That is the exciting part...

If this trend continues, then in the medium term, bitcoin is just a couple months away from a truly breath taking rally.

We are talking something like 7x the current prices...

From where we are currently on the chart, there was roughly a 600% move up back in 2013. A similar move would put the price of bitcoin at/around $70k within the next couple months.

Wowza!

Though, as you might have noticed on that chart, there was a bit of turbulence first before that big move up...

There is a big dip coming up the very near future if we continue to mimic the 2013 chart.

Which would also play into this sort of move on our current charts:

https://i.postimg.cc/t4d8fZKm/Capture.png

(Source: https://bittrex.com/Market/Index?MarketName=USD-BTC)

I've personally been waiting for this pullback for weeks and weeks now, but it has yet to come.

There is a ton of support on the charts around that $7k-$8k range and we have that CME gap at $7,600 yet to fill.

Now add the 2013 recovery as our playbook, which is also calling for a near term dip, and we might finally actually see my dip...

On our way to $70k :)

That would certainly be ok with me.

Stay informed my friends.

-Doc

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👎 ravensavage, avrilaze

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