Bitcoin (BTC) needs to reach $340,000 just to match its performance in its last halving cycle, according to the data.
In an August 20 Twitter series, the popular statistical resource ChartsBTC indicated that Bitcoin still has enormous room for growth at current levels of $11,700.
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Halving multiples give a BTC price of up to USD 1.6 million
Comparing the minimum and maximum halving prices of its two previous halving cycles, ChartsBTC puts the difference between the peaks at 36x for the 2012 cycle and 17x for the 2016 cycle.
In order to repeat the success of even the most modest cycle, BTC/USD would have to trade at USD 340,000. 36x from last cycle’s high (Bitcoin’s all-time record is USD 20,000) which is equivalent to USD 720,000.
Comparing the cycle lows, the results are even more dramatic, the smallest 130x jump from the previous cycle would give a Bitcoin price of USD 400,000.
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Running the same diagnostic for the Bitcoin price at the time of its halving events, the target price is USD 250,000.
„Multiples of previous cycles applied to the current one reach highs between USD 250,000 and USD 1.6 million in the next 18 months,“ summarizes ChartsBTC.
The account indicated that although the math adds up, there is little evidence that such levels actually appear within the given time frame. It added:
„Past highs and lows will not dictate the future.“
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Bitcoin investors are prepared for good news in the current conditions, as 30% of the monthly profits give the bullishers the advantage of the business.
As Cointelegraph reported, the outlook looks promising despite a modest downturn that is costing hodlers unstable support in the USD 12,000 once again.
Earlier, Vijay Boyapati, author of „The Memory Pool“, presented his own price forecast based on the halves. Following the course of the 2016 cycle, in which Ethereum Code is currently leading, a new price record should appear before the end of 2020.
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The current third halving cycle should also produce a maximum price similar to that which BTC charts hypothesized.
„If we were to follow the 2016/17 trajectory (we are ahead of schedule at this time), the peak of the cycle would occur on October 19, 2021, and the maximum price would be approximately USD 325,000,“ concluded Boyapati.
Quant’s analyst, PlanB, has argued that an average price of USD 288,000 and a peak of USD 576,000 or more is possible between now and 2024, the end of the current halving cycle.