According to a crypto analyst, Bitcoin’s potential return to $73,000 could signal the beginning of its acceleration to “escape velocity.” This term, borrowed from astrophysics, refers to the minimum speed required for an object to break free from the gravitational field of a celestial body without any additional propulsion.
In a market report on May 21, crypto analyst James Check used the concept of escape velocity to describe what Bitcoin could achieve once it surpasses the $73,000 price level. Check specifically referenced the short-term holder (STH) market value to realized value (MVRV) metric, which indicates that the market is not yet overextended, overbought, or oversaturated.
“While the transition from enthusiasm to euphoria can occur rapidly, it seems that we haven’t reached the point of euphoric escape velocity…yet,” Check explained. He emphasized that the current phase of the bull market is steady, stable, and enthusiastic, but not yet euphoric, which lays a strong foundation for a price rally at $73,000.
However, Check also cautioned that this price level is where STH wallets, which have held Bitcoin for less than 155 days, are now in significant profit. This may lead to a sell-off and create some resistance to further price increases.
Other crypto analysts echo the sentiment that market euphoria has yet to materialize. “Bitcoin is at $70k and there is little excitement and no euphoria, have to like it,” shared crypto trader Matthew Hyland. Another pseudonymous crypto trader, Jelle, added that Bitcoin is on the verge of entering price discovery.
Another analyst, Yoddha, believes that Bitcoin will reach its peak price before March 18, 2025. They noted that Bitcoin has been consolidating within its current range for the past 84 days and predicted that it will reach its peak within the next 300 days.
According to CoinMarketCap data, a jump to $73,000 from Bitcoin’s current price of $69,088 represents an increase of approximately 5.6%. Over the past seven days, Bitcoin has seen a 5.22% increase in value.
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.