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Bitcoin will hit $ 340,000 if price repeats the halving pattern in 2016

August 20, 2020

Bitcoin (BTC) needs to hit $ 340,000 to match the performance from the last halving cycleaccording to dates.

In one Twitter series from August 20, the popular statistical resource ChartsBTC stated that Bitcoin still has great room for growth at current levels of $ 11,700.

The multiple of halving results in a BTC price of up to USD 1.6 million

Compare the low and high halving prices of your two previous halving cycles. ChartsBTC sets the difference between the peaks for the 2012 cycle to 36x and for the 2016 cycle to 17x.

Bitcoin will hit $ 340,000 if price repeats the halving pattern in 2016Bitcoin will hit $ 340,000 if price repeats the halving pattern in 2016

To be able to repeat even the most modest cycle success, BTC / USD would have to trade at $ 340,000. 36 times from the most recent cycle high (Bitcoin’s all-time high is $ 20,000), which equates to $ 720,000.

If you compare the lows of the cycle, the results are even more dramatic. The smallest 130-fold jump over the previous cycle would result in a Bitcoin price of $ 400,000.

Running the same diagnosis on the Bitcoin price at the time of its halving of events, The price target is $ 250,000.

“The multiples of previous cycles that were applied to the current cycle will hit a maximum between $ 250,000 and $ 1.6 million over the next 18 months.”, summarizes ChartsBTC.

It was on the account While the math adds up, there is little evidence that such levels actually occur within the given time frame.. Added:

“Past highs and lows will not determine the future.”

Bitcoin price chart with data halving

Bitcoin price chart with data halving. Source: ChartsBTC / Twitter

There are many parabolic numbers in the Bitcoin bull market

Bitcoin investors are prepared for good news in the current conditions30% of the monthly profit gives the bulls the advantage of trading.

As Cointelegraph reported, The outlook looks promising despite modest setbacks That costs shaky support for $ 12,000.

Before, Vijay Boyapati, Author of “The Memory Pool”, presented his own price prediction based on the halving. After the course of the 2016 cycle, in which Bitcoin is currently at the forefront, a new price record should appear before the end of 2020.

The current third halving cycle should also produce a high similar to the hypothesis of the BTC charts.

“If we were to follow the 2016/17 trajectory (we’re ahead for the moment), the peak of the cycle would hit October 19, 2021 and the maximum price would be approximately … USD 325,000,” concluded Boyapati.

The quant analyst, PlanB has argued that by 2024, the end of the current halving cycle, an average price of $ 288,000 and a maximum of $ 576,000 or more is possible..

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