Kriptokoin.com - Data shows that Bitcoin (BTC) needs to reach $ 340,000 just to match its performance in the last halving cycle.
In a tweet posted on August 20, popular statistics source ChartsBTC said that Bitcoin still has a great opportunity to rise from its current $ 11,700 levels.
Halving data gives Bitcoin price of $ 1.6 million
ChartsBTC comparing the lowest and highest halving prices in two previous halving cycles; determined the difference between the peaks as 36 times for the 2012 cycle and 17 times for the 2016 cycle.
When the success of the cycle that earns less than ChartsBTC is repeated, BTC / USD must be traded at $ 340,000. Considering the 36-fold high of the last cycle, the price of Bitcoin comes to $ 720,000.
The results are even more striking when comparing the cycle abortions. The smallest 130-fold jump in the previous cycle provides a Bitcoin price of $ 400,000.
If the same equation is applied for the price of Bitcoin during the halving events, the price target is $ 250,000. ChartsBTC says:
"BTC REACHES THE HIGHEST LEVELS BETWEEN 250,000 DOLLARS TO 1.6 MILLION DOLLARS IN THE PREVIOUS CYCLE 'FLOORS' IN THE PREVIOUS 18 MONTHS."
But ChartsBTC added, "Although it may seem exciting, it can be a futile hope." "The previous ups and downs will not dictate the future."
Halving data and Bitcoin price chart. Source: ChartsBTC / Twitter
Parabolic figures in Bitcoin in the bullish market prepare investors to receive good news under the current conditions; because monthly returns of 30% give the bulls an advantage.
Vijay Boyapati, author of "The Memory Pool", presented his own price estimation based on the halving. According to his estimates, after the 2016 cycle, where Bitcoin is currently in the foreground, all-time highs should be seen before late 2020.
The current third halving cycle should present a peak similar to what ChartsBTC assumes.
Boyapati said, "If we were to follow the 2016/17 cycle, the peak of the cycle would occur on October 19, 2021, and the highest price would be about $ 325,000," he said.
