Bitcoin (BTC) is looking like it will striking $75,000 — and that could happen "inside weeks," ane analyst has found.

Uploading a fresh BTC/USD price chart to Twitter on June 7, Cane Island Alternative Advisors' Timothy Peterson unearthed an uncanny similarity to Bitcoin in 2013.

Peterson eyes "almost perfect" 2013 correlation

Tracking Bitcoin's price recovery from its lows of $3,600 in mid-March, Peterson noted that its recovery virtually exactly tracked price activeness from vii years ago.

The result, he argued, could go along up the copycat move: BTC topped out at $1,300 in 2013, and a similar 700% bull run at today's prices would give a target of $75,000.

"The 2020 #bitcoin recovery has tracked the 2013a recovery almost perfectly," he summarized.

"Are we weeks away from $75,000?"

Bitcoin price chart showing various recoveries

Bitcoin price chart showing various recoveries. Source: Timothy Peterson/ Twitter

The Mt. Gox factor

While such a spike seems unlikely, Bitcoin is already exhibiting potent signs that it is in recovery mode from lows that will never reappear.

Specifically, miner activity and associated data have mimicked December 2018, when Bitcoin bounced out of a year-long bear market at $iii,100.

Nonetheless, comparing today'southward Bitcoin market with that of 2013 is all but impossible. At the time, Mt. Gox was the merely major exchange, itself imploding to cause a massive cost crash. Many fence that Mt. Gox was responsible for the run to $1,300.

Other analysts are much more sober on the outlook for 2020. Co-ordinate to Cointelegraph Markets' filbfilb, there is little consensus effectually a major breakout higher up even $x,000 this year.

To seal a stronger market, BTC/USD would demand to observe support at $ten,500, something which has eluded bulls since last year.