A potential return of Bitcoin (BTC) to $73,000 could mark the start of the asset accelerating towards “escape velocity,” according to a cryptocurrency analyst.
Escape velocity is a term used in astrophysics to describe the minimum speed necessary for an object to escape the gravitational field of a celestial body, such as a planet or moon, without further propulsion.
Cryptocurrency analyst James Cheek used the term in a May 21 market report to describe what Bitcoin could do once it regains the price of $73,000.
Control refers to the measure of realized market value (MVRV) for short-term holders (STH) – which, he explains, indicates that the market is not “oversold, overbought or oversaturated”.
“Although the transition from excitement to euphoria can occur quickly, it appears that we have not yet reached the point of euphoric escape velocity…” Cech explained.
“We are still in a steady, stable, excited, but more importantly, not exhilarating bullish phase,” he said, forming a strong base for a price rally to $73,000.
However, he also warned that this price level is also where STHs – wallets that have held Bitcoin for less than 155 days – are making “enough profit”, which could lead to a sell-off that would cause “some resistance” .
A few other cryptocurrency analysts also agree that market euphoria has not yet arrived.
“Bitcoin is at $70,000, little excitement and no euphoria, gotta like it,” crypto trader Matthew Hyland announced in a May 22 article on X.
“Bitcoin is just a sneeze away from entering price discovery,” added Gilly, the pseudonymous cryptocurrency trader.
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A cryptocurrency trader under the pseudonym Yoddha believes that Bitcoin will reach its maximum price before March 18, 2025:
“Bitcoin has been consolidating in the current range for the last 84 days, IMO from current price BTC will peak in the next 300 days,” they wrote in a May 22 post on X.
The jump to $73,000 from its current price of $69,088 is around 5.6%, according to CoinMarketCap data.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.
