Bitcoin (BTC) may be seven times higher than it was in the last halving, but if history repeats, this number could grow by another 300% and more.
It is also tracked by the data source on the chain Environmental Measurements This month, BTC/USD has the potential to surpass estimates simply by following historical precedent.
Bitcoin: Compared to 2017, you haven’t seen anything yet
Bitcoin is currently trading at 7.3 times its price since the May 2020 halving. If the recent halving cycle is anything to go by, however, the price movement won’t stop until it’s 30 times higher.
The data relates to semi-annual cycles of approximately four years in which Bitcoin has shown identical behavior since its inception.
The current cycle, despite the impatience of some traders, is still closely related to the previous two.
Taking 2017 as an example, the next BTC price peak could reach $253,800 – and until then, Bitcoin will still operate within the predetermined parameters.
Environmental metrics also include data on Ether (ETH) and its performance relative to the phase of the Bitcoin halving cycle.
The largest altcoin has seen much larger comparative gains compared to bitcoin – hitting 120 times its peak halving last cycle in 2018.
Thus, a repeat performance means ETH/USD is trading at $22,300 – again not out of possibilities.
In terms of what a subsequent bear market could bring, Bitcoin will need to hit a low of around $42,000 to copy the post-2017 correction. On the other hand, the price of ETH will drop to $1,347.
1 bitcoin = 1 bitcoin
If such sky-high numbers are hard to comprehend, they pale in comparison to what well-known data analyst Willy Wu now believes.
Related: Bitcoin Retests Support, Trader Expects BTC Price to Drop to $55K
in a tweet This week, Woo reiterated that this bitcoin halving cycle will be unique in one specific way: you will end up with things that are priced in bitcoin, not in US dollars, because using anything to measure the value of bitcoin would be pointless.
“What is my expectation for the top of this cycle? Because I think this is the last cycle, the one that takes us to saturation, which if it wins, we can’t put a value in USD on it because things are valued in Bitcoin.”
“So the top of the cycle is easy to choose. It would be 1 BTC = 1 BTC.”
separate function pointed How close Bitcoin is to the market cap compared to the M2 bid in US dollars. He commented that the situation in the next five years – the remainder of the current cycle and the beginning of the next – would be “very interesting”.