Bitcoin to Approach $340,000 if BTC Price Reiterates the 2016 Halving Cycle Model
Bitcoin (BTC) has to rise until $340,000 in order to match its performance from its most recent halving cycle, new data states. In a Twitter thread on August 20th, renowned statistics resource ChartsBTC said that Bitcoin still has scope to grow at current levels of $11,700.
Drawing a comparison between the coin’s lows, highs, and halving prices from its two prior halving cycles, ChartsBTC placed the difference between peaks at 36x for the 2012 cycle and 17x for the 2016 cycle.
In order to repeat even the more shy cycle’s successes, BTC and USD would have to trade at $340,000. The 36x from last cycle’s high – Bitcoin’s unprecedented record of $20,000 – comes to $720,000. Comparing cycle lows, the outcome is even more striking, as the smallest jump of 130x from the earlier cycle would have a Bitcoin price of $400,000. Using the same method for Bitcoin’s price at the time of its halving events, the price target was placed at $250,000.
“The multiples from prior cycles applied to the current one arrive at highs between $250k and $1.6M in the next 18 months,” ChartsBTC summarized.
The provider mentioned that although the match adds up, there is almost no evidence which demands that such levels actually appear within the given period.
“While this may sound exciting, it’s just hopium,” it added. “The prior highs and lows won’t dictate the future.”
Allegorical Numbers Abound
Bitcoin investors are still primed for good news in current conditions as 30 percent of monthly gains give bulls the strong upper hand. The future seems bright in spite of a shy pullback costing holders unsteady $12,000 support once again.
Previously, Vijay Boyapati, author of “The Memory Pool,” shared his own halving-based price prediction. After the course of the 2016 cycle, which Bitcoin is currently frontrunning, a new unprecedented high should take place before the end of this year. The current third halving cycle should also bring a peak price similar to what ChartsBTC said.
“If we were to follow the 2016/17 trajectory (we’re ahead of schedule right now), the peak of the cycle would occur on October 19th, 2021 and the peak price would be approximately… $325,000,” Boyapati concluded.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.