Bitcoin (BTC) may be more than seven times higher than its last halving, but if history repeats itself, that number could grow another 300% or more.
As tracked by the chain data source Echoinometry This month, BTC / USD has the potential to overshadow estimates simply by following historical precedent.
Bitcoin: compared to 2017, you still haven't seen anything
Bitcoin is currently trading 7.3 times its price since the halving in May 2020. However, if the latest halving cycle is something to go through, the price action won't stop until it's 30 times higher. high.
The data relates to the roughly four-year halving cycles that Bitcoin has exhibited identical behavior since its conception.
The current cycle, despite the impatience of some traders, remains closely linked to the previous two.
Taking 2017 as an example, the next BTC price spike could be as high as $ 253,800, and even then, Bitcoin would continue to act within previously defined parameters.
Ecoinometrics also includes data on Ether (ETH) and its performance relative to the stage of the Bitcoin halving cycle.
The largest altcoin saw much larger comparative gains relative to Bitcoin - 120 times its halving price marked the peak of the latest cycle in 2018.
Therefore, a repeat performance would mean that ETH / USD would trade at $ 22,300, again, not beyond the means.
In terms of what subsequent bear market could bring, Bitcoin would need to bottom out at around $ 42,000 to copy its post-2017 correction. The price of ETH, on the other hand, would drop to $ 1,347.
1 BTC = 1 BTC
If these huge numbers are difficult to understand, they pale in comparison to what well-known data analyst Willy Woo now believes.
Related: Bitcoin Retests Support, and Trader Forecasts BTC Price Drop to $ 55K
in a cheep This week, Woo reiterated that this Bitcoin halving cycle would be unique in a specific way: it will end with things being priced in BTC, not US dollars, as using anything to measure the value of BTC will not have sense.
"What is my prediction for the top of this cycle? As I think this is the last cycle, the one that leads us to saturation, that if it wins, we cannot put a value in USD because things are valued in BTC, "he wrote.
โTherefore, the hood of the cycle is easy to remove. It will be 1 BTC = 1 BTC ".
A separate post indicated how close Bitcoin was approaching by market cap compared to M2's offering in US dollars. The situation in the next five years, the rest of the current cycle and the beginning of the next, he said, will be "very interesting."
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