Looking at the difference between cycle highs, lows, and price halving, one can arrive at a huge BTC price target, whose creator warned it was "ho".
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Data shows that Bitcoin (BTC) needs to reach $340.000 to match the performance of the previous halving cycle.
In a Twitter series of articles on August 20, popular statistics ChartsBTC pointed out that Bitcoin still has huge room for growth at the current level of $11.700.
Halve the $1.6 million BTC price
Comparing the lows, highs, and halving prices of the previous two halving cycles, ChartsBTC believes that the peak of the 2012 cycle is 36 times the difference between the 2016 cycle and 17 times the 2016 cycle.
In order to repeat the milder cycle to succeed, the trading price of BTC/USD must be $340.000. The 36-fold high of the previous cycle (Bitcoin's all-time high of $20.000) reached $720.000.
Comparing the lows of the cycle, the results will be even more striking-a minimum increase of 130 times from the previous cycle will bring a Bitcoin price of $400,000.
The same diagnosis was made on the price of Bitcoin at the time of the halving event, with a target price of $250.000.
ChartsBTC concluded: "In the next 18 months, the multiple of the previous period applicable to the current period will reach a high between $250,000 and $1.6 million."
The account points out that although the arithmetic adds up, there is almost no evidence that such a level does occur within the specified time frame.
It added: "Although this sounds exciting, it is just a hop."
"The previous level will not determine the future."
Bitcoin price chart, data halved. Source: ChartsBTC/Twitter
Parabolic numbers abound in the bullish Bitcoin market
Nonetheless, with the current 30% monthly earnings making the bulls strong, Bitcoin investors are ready for news under the current circumstances.
As Cointelegraph reported, despite the decline in prices, the prospects for traders still seem to be optimistic, and traders once again faltered to gain support of $12,000.
Earlier, Vijay Boyapati, author of The Memory Pool, published his own price prediction based on halving. During the 2016 cycle (Bitcoin is currently in the leading position), the new historical price high should appear before the end of 2020.
The current third halving cycle should also provide a peak price similar to that assumed by ChartsBTC.
"If we follow the development trajectory of 2016/17 (we complete the plan ahead of schedule now), the peak of the cycle will occur on October 19, 2021, and the peak price will be about ... $325.000," Boyapati concluded.
Quant analyst PlanB believes that from now to 2024 (the end of the current halving cycle), the average price may be US$288.000, and the highest price is US$576.000 or higher.
Article reprinted: www.ebioe.com