According to a crypto analyst, Bitcoin’s potential return to $73,000 could signal the beginning of the asset’s acceleration to “escape velocity.” This term, borrowed from astrophysics, refers to the minimum speed required for an object to escape the gravitational pull of a celestial body without additional propulsion. In a market report on May 21, analyst James Check used this term to describe what Bitcoin could achieve once it surpasses the $73,000 price point. Check refers to the short-term holder (STH) market value to realized value (MVRV) metric, which suggests that the market is not yet “overstretched, overbought, and over-saturated.”
Check explained that although the transition from enthusiasm to euphoria can happen quickly, it seems that Bitcoin has not yet reached the point of euphoric escape velocity. He stated that the market is currently in a steady, stable, enthusiastic phase of the bull run, forming a strong foundation for a price rally at $73,000. However, Check also cautioned that this price point is where STH wallets, which have held Bitcoin for less than 155 days, are now in sufficient profit. This may lead to a sell-off and create some resistance.
Other crypto analysts share the belief that market euphoria has not yet materialized. Crypto trader Matthew Hyland stated that despite Bitcoin being at $70,000, there is little excitement and no euphoria. Another pseudonymous trader named Jelle added that Bitcoin is just one step away from entering price discovery.
Pseudonymous trader Yoddha has a different perspective, predicting that Bitcoin will reach its peak price before March 18, 2025. They observed that Bitcoin has been consolidating within the current range for the past 84 days and expects it to reach the top within the next 300 days.
According to CoinMarketCap data, a jump to $73,000 from Bitcoin’s current price of $69,088 represents a 5.6% increase. Over the past seven days, Bitcoin has seen a 5.22% growth.
It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and analysis before making any investment or trading decisions.