news 
Bitcoin Could Skyrocket by 25% in Days if History Repeats But There’s a Catch: Data
A significant increase in buying discussions on social media platforms suggests that history may repeat itself, leading to a potential 25% surge in Bitcoin’s price in the coming days. However, not all indicators are pointing towards an upward trend.
Bitcoin’s massive rise from under $70,000 to over $108,000 within a month and a half after Donald Trump’s landslide victory in the US presidential elections left some investors outside the circle. However, the ever-volatile nature of BTC always leads to substantial corrections that provide opportunities for those who missed the initial train to get on board.
In recent days, Bitcoin’s price has plummeted by double-digits, prompting many investors to seek buying opportunities. According to Santiment, this surge in “buy-the-dip” discussions is reminiscent of a similar pattern seen in early August when the cryptocurrency’s price fell below $50,000. The outcome then was a 25% price increase in just a few days.
If history were to repeat itself, Bitcoin could potentially recover from its current major correction and head towards a new all-time high of over $120,000. With Bitcoin falling as low as $95.5K today, the ratio of crypto discussions that are about buying crypto’s dip has reached its highest level in over 8 months.
However, not everything points to an upward trend. IntoTheBlock notes that a significant demand zone has formed just under $100k, with over 1.45 million BTC accumulated at an average price of $97,500. This could lead to intense selling pressure for the underlying asset as investors who had entered recently see their positions in the red.
It remains to be seen whether Bitcoin’s current correction will come close to that witnessed earlier this year when it plummeted by nearly 50% before recovering. For now, investors remain on edge, waiting for signs of a turnaround or further selling pressure.
The article was originally published on CryptoPotato.
Source: cryptopotato.com
