Historical Data Suggests Bitcoin Could Rise 1,000%, Here’s Why
August 22 2024 - 1:00AM
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Over the years, the Bitcoin price has been through multiple bull
and bear cycles, and with the cycles have come a rather consistent
trend. As a result, crypto analyst will often use the historical
performance of the coin to determine what might happen next. This
time around, market expert PlanB has pointed to previous cycle
performances that paint a bullish picture for Bitcoin going
forward. Bitcoin Could Rise 1,000% In a post on X (formerly
Twitter), crypto analyst PlanB proposed that the Bitcoin bull run
is far from over. The crypto analyst points to previous cycles and
how the Bitcoin price has performed to come to this conclusion.
This comes with an initial leg up before a drawdown and then
followed by an even larger run. Related Reading: Cardano Kicked Out
Of Top 10 Crypto By Market Cap, What’s Going On? The analysis takes
a look at the last two bull cycles with similarities that have
played out both times. In the 2017 bull run, the Bitcoin price had
seen an initial 4x increase before slowing down. While the slowdown
looked to be the end of the bull market, it was only a short stop.
What followed was a 10x market rally that sent the BTC price to new
all-time highs. In the next bull cycle, which occurred between 2020
and 2021, the Bitcoin price would put on a similar play. There was
an initial 4x increase that ended in 2020. This was followed by a
slowdown before another rise. By the time the bull cycle was done,
the BTC price had completed a 7x increase. Bitcoin increased 4x
from the bottom in 2022 to now. Historically 7-10x follows from
here. What do you think bitcoin will do next 12 months?
pic.twitter.com/WtyO0u5RHn — PlanB (@100trillionUSD) August 21,
2024 Taking this into account and the fact that the current cycle
is still following this trend, PlanB believes it’ll play out
similarly. The crypto analyst points out that the Bitcoin price has
already completed the first phase of this trend after rising 4x
since 2022. If this trend plays out, then the BTC price could be
headed for between a 700% and 1,000% price increase from here. Even
if the BTC price were to see a diminished return like it did
between the last two cycles, a continuation of the trend would
still ensure a between 300% and 400% increase from here. Either
way, it would mean that Bitcoin will eventually break the coveted
$100,000 price target. How High Would A 1,000% Rally Be? Going by
PlanB’s prediction, if the Bitcoin price were to finish in the
bottom of the range with a 700% increase, then the price would be
looking at at least $400,000 by the time the bull market is over.
If it goes through to the top of the range with 1,000%, it would
reach above $550,000. Related Reading: Dogecoin Faces Supply
Squeeze: What This Means For Price Currently, the Bitcoin price is
still trending at $59,000, which suggests a slowdown. If the
timeline in the post is to be followed, then the BTC price would be
at six figures less than a year from now. Featured image created
with Dall.E, chart from Tradingview.com
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