Bitcoin Price Will Hit $253,000 If This 2016 Cycle Repeats

Bitcoin will peak at $253,000 USD and Ethereum at $22,000 if this 2016 cycle repeats

A simple comparison shows just how much room the price action for Bitcoin (BTC) and Ethereum (ETH) still has to grow.

The price of Bitcoin (BTC) may be more than seven times higher than at its last “halvingbut if history repeats itself, that number could increase by 300% and more.

As tracked by on-chain data source Ecoinometrics this month, Bitcoin has the potential to eclipse estimates simply by following historical precedent.

Bitcoin: Compared to 2017, you haven’t seen anything yet!

Bitcoin is currently trading 7.3 times its price since the halving” of May 2020. If the last cycle of halving» must repeat, the price action will not stop until it is 30 times higher.

The data refer to the cycles of halving» which take place every four years in which Bitcoin has exhibited identical behavior since its inception.

The current cycle, despite the impatience of some traders, remains closely linked to the previous two.

Using 2017 as an example, the next price peak for Bitcoin (BTC) could reach $253,800 USD – and even then, Bitcoin would still act within previously set parameters.

Econometrics also includes data on Ether (ETH) and its performance against the halving» bitcoin.

The largest altcoin has seen much larger comparative gains against Bitcoin – 120 times its price since the last cycle peak in 2018.

So, a repeat performance would mean that Ethereum (ETH) will reach the price of $22,300 USD – again which is not beyond possibility.

In terms of what the subsequent bear market might bring, Bitcoin would need a bottom at around $42,000 USD to copy its post-2017 correction. The price of Ethereum (ETH), on the other hand, would fall to $1347 USD.

Performance graph after the halving» bitcoin vs ethereum

Source: Ecoinometrics/Twitter

1 BTC = 1 BTC

While such high numbers are hard to fathom, they pale in comparison to what well-known data analyst Willy Woo now believes.

In a tweet this week, Woo reiterated that this cycle halving» Bitcoin would be unique in one specific way: it will end with prices in BTC, not US dollars, because using anything to measure the value of Bitcoin will be pointless.

“What is my prediction for the top of this cycle? Since I think this is the last cycle, the one that takes us to saturation, and if it wins, we can’t put a USD value on it because things are valued in BTC,” he wrote.

“So the cycle top is easy to choose. It will be 1 BTC = 1 BTC”

Another article noted how close Bitcoin was to market cap versus US dollar M2 supply. The situation in the next five years – the rest of the current cycle and the start of the next –, he commented, will be “very interesting”.

By William Suberg, Cointelegraph

William Suberg got into bitcoin while finishing his master’s degree and hasn’t looked back since, writing about everything cryptocurrency-related that sits him up and catches his eye. He started working with Cointelegraph in October 2013.

The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and trading move involves risk, you should do your own research when making a decision.

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