Data shows that Bitcoin (BTC) must reach $ 340,000 to match the performance of the last half cycle.
In the August 20 Twitter series, popular stats resource ChartsBTC noted that Bitcoin still offers massive room for growth at the current level of $ 11,700.
Cutting the multiples in half brings the price of BTC up to $ 1.6 million
The BTC charts compare the low, high and half prices from the previous two half-sessions and place the difference between the highs of the 2012 session at 36 times and the 2016 cycle at 17 times.
To replicate the success of the more modest cycle once again, BTC / USD should be trading at $ 340,000. 36 times higher than the previous cycle – Bitcoin’s record of $ 20,000 – is $ 720,000.
When comparing lows, the results are even more dramatic – the smallest jump of 130 times over the previous cycle would result in a Bitcoin price of $ 400,000.
With the same bitcoin price prognosis at the time of cutting events in half, the target price is $ 250,000.
“Complications from previous cycles applied to the current cycle will peak between $ 250,000 and $ 1.6 million over the next 18 months,” ChartsBTC sums up.
The report found that although the mathematics is summarized, there is little evidence that such levels actually occur within a particular time frame.
“While this may sound exciting, it is just hobium,” she added.
“Past highs and lows will not determine the future.”
Bitcoin price chart with data cut in half
There are many equivalent numbers in the bullish Bitcoin market
However, bitcoin investors are ready for good news in the current conditions as the 30% monthly gain gives the bulls the upper hand.
As Cointelegraph reported, the outlook is looking bright despite a modest pullback that is once again costing Hodlers fragile $ 12,000 support.
Previously, Vijay Boyabatti, author of “The Memory Pool”, gave his price prediction on a halving basis. After the 2016 cycle Bitcoin is currently driving, a new all-time high should appear before the end of 2020.
The current third half cycle should also offer a high rate similar to the one that ChartsBTC assumes.
“If we follow the 2016-2017 trajectory (we are currently ahead of schedule), the cycle will peak on October 19, 2021, and the maximum price will be around… US $ 325,000,” Boyabatti concluded.
PlanB quantitative analyst argued that between now and 2024, the end of the current half-cycle, the average price could be $ 288,000 and $ 576,000 or more.