If Bitcoin repeats the same pattern as 2016-2020, it will reach $340,000


The data show that, to match the results obtained in its last halving cycle, Bitcoin (BTC) must reach $ 340,000.

In a series of tweets published on August 20, the well-known statistician ChartsBTC has pointed out that Bitcoin still has a large room for growth from its current levels of $11,800.

BTC between $250,000 and $1,600,000 by 2024?

Comparing minimums, highs and halving prices of the two previous cycles, ChartsBTC reports a difference between peaks of 36x for the 2012 cycle and 17x for the 2016 cycle.

To replicate even the most modest cycle success, BTC/USD should reach $340,000. At 36x from the peak reached in the last cycle, the historical record of $20,000, Bitcoin would reach $720,000.

Comparing the cycle lows, the results are even more extraordinary. The 130x jump traced in the previous cycle would bring the price of Bitcoin to $400,000.

The same analysis of the asset price at the time of the halving events offers a target of $250,000.

„The multiples of previous cycles applied to the current one reach highs between $250,000 and $1.6 million over the next 18 months,“ summarized ChartsBTC.

The researcher noted, however, that even if the math checks out, there is little evidence that these levels will be touched in the specified range:

„Although it may sound fantastic, it is only supposition. The previous highs and lows will not determine the future“.

Bitcoin price chart with halving data

However, investors in Bitcoin are ready to receive good news in the current conditions, while monthly earnings of 30% indicate that the bullish have the situation in hand.

As reported by Cointelegraph, the future looks rosy despite a modest pullback that has taken the unstable $12,000 support from the hodlers again.

Vijay Boyapati, author of „The Memory Pool,“ also made his halving-based forecast known. Following the course of the cycle that occurred in 2016, which Bitcoin is currently anticipating, a new historical high should occur by the end of 2020.

The third ongoing halving cycle should also lead to a price peak similar to that assumed by ChartsBTC.

„Following the trajectory of 2016/17 (at the moment we are in advance), the peak of the cycle will occur on October 19, 2021, and the price peak will be about… $325,000,“ Boyapati concluded.

The well-known PlanB analyst said that an average price of $288,000 and a peak of $576,000 or more are possible by 2024, the end of the current halving cycle.

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