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Market insights firm Nautilus Research says bitcoin is displaying patterns that have historically been associated with massive price breakouts, indicating an exponential bull run could be on the horizon.
In a tweet, Nautilus suggested bitcoin is poised for a move higher that could take the price to over $100,000.
#Bitcoin — Bitcoin echoes of patterns ahead of previous major breakouts. pic.twitter.com/IE5wT4of92
— Nautilus Research (@NautilusCap) October 22, 2020
According to Nautilus, bitcoin has displayed a price trend consistent with the bull runs of 2012 and 2017.
On both previous occasions, bitcoin underwent an 80 percent or greater price correction following an all-time high. The previous rallies also occurred in the year following a block reward halving, putting the current market cycle on pace to peak in 2021.
Research for Nautilus coincided with a similar report by Weiss Crypto Ratings indicating that bitcoin’s price breakout above $13,000 was an indication for bullish gains ahead.
The report reads,
Investors piled into Bitcoin this week and this rally spilled over to other crypto assets. At the same time, investors are sticking to high-quality names primarily, as we’re seeing the most strength coming out of the large caps.
Weiss continued, calling bitcoin the “go-to asset” for traditional investors looking to diversify their portfolio.
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