Bitcoin (BTC) is facing a "double bubble" and will see two toll tops this year, fresh data suggests.

In a tweet on Wednesday, Charles Edwards, CEO of investment firm Capriole, highlighted 2021 as having one key similarity to the 2013 double top balderdash cycle.

Bitcoin gears upwards for 2nd peak

Bitcoin has divided opinions over whether its 2021 bull run is more like 2013 or 2017 — the other ii years that immediately followed block subsidy halving events.

If to wait at i metric, unrealized turn a profit and loss (Upwardly&50), the reply may be simple. According to Edwards, but 2013 has produced similar results for money profitability.

"New show for a Bitcoin double bubble," he summarized.

"In prior bike tops, bounces were never able to hold unrealized profit and loss above 0.5. Only the 2013 double bubble and today accept achieved this."
Bitcoin unrealized profit and loss annotated chart. Source: Charles Edwards/Twitter

Such a perspective further accommodates the popular stock-to-menstruation price model, which demands an average BTC/USD reading of $100,000 or more this year. Its creator, PlanB, previously gave an end-of-year minimum of $135,000 as a "worst-case scenario" for Bitcoin.

Double bubble?

The findings are not the but ones arriving at the "double bubble" conclusion.

Related: No, Bitcoin isn't entering a 2018-similar deport cycle, new data suggests, every bit BTC targets $45K

Dedicated monitoring tool the Bitcoin Chimera Index likewise depicts a two-phase price peak this yr.

For context, the Bubble Index hitting its all-time high of 119 on April 14, the fourth dimension that BTC/USD reached its electric current all-time high of $64,500. Currently, it measures 110, almost the same every bit the top, with Bitcoin sitting at $44,500.

Bitcoin Bubble Alphabetize vs. BTC/USD chart. Source: Bybt

In May, every bit Bitcoin was on its fashion to local lows of $29,000, data from on-chain analytics firm Glassnode as well pointed to this year mimicking 2013.