News: Analyst: Bitcoin Bull Run Barely Even Started, Six Digits a Possibility

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0:00:00 Analyst: Bitcoin Bull Run Barely Even Started, Six Digits a Possibility

0:00:05 This update is brought to you by “CoinCheckup News Updates” and was originally published on “NewsBTC”.

0:00:12 The bitcoin price is looking to hit a six-digit dollar valuation soon, according to market analyst GalaxyBTC.

0:00:19 The cryptocurrency trader said today that closing above $10,000 is a vital breakout moment for bitcoin.

0:00:25 Back in the year, bitcoin dropped below the $150 level, recovered, and eventually started consolidating in a range defined by approx $200 and $320. In October 2015, the cryptocurrency experienced its first breakout towards the $500-600 range.

0:00:44 The $600 resistance, at that time, held the price steps away from a bull run period.

0:00:50 According to GalaxyBTC, the $10,000 level is the new the $600 resistance.

0:00:56 “The Bull Run barely even started.

0:00:59 According to 2015 fractal, the road to was confirmed when we broke $10K,” the analyst tweeted.

0:01:05 GalaxyBTC’s analysis appears to take cues from investors’ behavior throughout a bitcoin market cycle.

0:01:12 As such, the analyst’s prediction entirely depends on whether or not the cryptocurrency has a history of following a cyclical and repeatable pattern.

0:01:20 Mainstream finance analysts often question the efficacy of “Fractal Markets Hypothesis,” especially after it fell short in explaining the 2008 financial crisis.

0:01:30 Nobel winning economist Robert Shiller, for instance, believes FMH is a flawed economic theory.

0:01:36 He states that asset prices are inherently volatile, and thus, expecting them to act precisely based on their statistical character is challenging.

0:01:44 Paul Gordon, a veteran derivate trader, compared the first two bitcoin bubbles and noted similarities in the way they boomed and burst.

0:01:52 Thanks for checking out this video!
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