A potential return of Bitcoin (BTC) to $73,000 could mark the beginning of the asset accelerating to “escape speed,” 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 $73,000 price point.
The check refers to the Market Value Realized Value (MVRV) measure for short-term holders (STH) – which it explains indicates that the market is not “oversold, overbought, or oversaturated.”
“Although the transition from excitement to euphoria can happen quickly, it seems we haven't reached the point of euphoric escape speed…yet,” Cech explained.
“We are still in a steady, stable, excited, but more importantly, not an exhilarating bull phase,” he said, forming a strong basis for a price rally at $73,000.
However, he also warned that this price point is also where STH – wallets that have held Bitcoin for less than 155 days – are making “enough profit,” which could lead to a sell-off that causes “some resistance.”
A few other cryptocurrency analysts also agree that the market euphoria has yet to come.
“Bitcoin is at $70,000, little excitement and no euphoria, gotta like it,” crypto trader Matthew Hyland announced in a May 22 post on X.
“Bitcoin is just a sneeze away from entering price discovery,” added the pseudonymous cryptocurrency trader Gilly.
Related: Bitcoin price is preparing for a “bigger move” as on-chain metrics “reset.”
A cryptocurrency trader with the pseudonym Yoddha believes that Bitcoin will reach its peak price before March 18, 2025:
“Bitcoin has been consolidating in the current range since the last 84 days, IMO from the current price, BTC will reach the top 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 about 5.6%, according to CoinMarketCap data.
magazine: If Bitcoin Doubles, Stacks Will 4x in 2025: Daan Crypto Trades, X Hall of Flame
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
