Experts say if 2016 halving bull run repeats, bitcoin will reach $253K and Ethereum at $22K.
Ethereum is a cryptocurrency that has seen a tremendous rise in value. The ethereum bull run will peak at $22K and Bitcoin at $253K if the 2016 halving bull run repeats this cycle.
Bitcoin (BTC) may be more than seven times its previous halving price, but if history repeats itself, that figure might rise by another 300 percent or more.
BTC/USD has the ability to outperform expectations merely by following historical precedence, according to on-chain data firm Ecoinometrics this month.
Bitcoin: You haven’t seen nothing yet in comparison to 2017.
Since the halving in May 2020, the price of bitcoin has increased by 7.3 times. However, if the last halving cycle is any indication, price activity will continue until it is 30 times higher.
The information pertains to the approximately four-year halving cycles that Bitcoin has followed since its creation.
Despite the frustration of some traders, the current cycle is inextricably linked to the preceding two.
Using 2017 as an example, the next BTC price peak might be as high as $253,800 — and even then, Bitcoin would be operating within previously established limitations.
Data on Ether (ETH) and its performance in relation to the stage of Bitcoin’s halving cycle is also included in Ecoinometrics.
In comparison to Bitcoin, the biggest cryptocurrency had far bigger increases – 120 times its halve price marked the cycle’s climax in 2018.
As a result, a similar performance would see ETH/USD trade around $22,300, which is not unthinkable.
To replicate its post-2017 drop, Bitcoin would need to bottom out at about $42,000 in the ensuing bear market. On the other side, the price of ETH would drop to $1,347.
Performance of Bitcoin and Ether after the halving. Ecoinometrics/Twitter is the source of this information.
1 BTC is equal to 1 BTC.
If such staggering proportions are difficult to fathom, wait until you hear what well-known data analyst Willy Woo has to say.
Bitcoin retests support, with a trader predicting a $55K price drop.
Woo reaffirmed in a tweet this week that this Bitcoin halving cycle would be unusual in one way: everything will be priced in BTC, not US dollars, so using anything to evaluate BTC value will be worthless.
“What do I think the peak of this cycle will be like? Since I believe this is the final cycle leading to saturation, and if it wins, we won’t be able to place a USD value on it since everything is priced in BTC,” he stated.
“As a result, selecting a cycle top is simple. 1 BTC will be equal to 1 BTC.”
A related piece observed how close Bitcoin’s market value was to the M2 supply of the US currency. He predicted that the scenario in the next five years — the end of the current cycle and the start of the next — will be “extremely intriguing.”
The “ethereum $100,000” is a prediction that Ethereum will reach its all-time high of $22K if the 2016 halving bull run repeats.
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