As the price of bitcoin surpasses the $19,000 mark and closes in on its previous all-time high near $20,00 seen in December 2017, some are now pointing out that historical patterns suggest its next bull run could take it to $160,000.
This as the last three large BTC bull runs saw the cryptocurrency’s price spike significantly, but were followed by price drops above 80% as well. A price target that is being discussed is the $100,000 mark. Speaking to Reuters Brian Estes, chief investment officer at hedge fund Off the Chain Capital, said BTC going to $100,000 in one year is “not a stretch,” and predicted it could go to $288,000 by the end of 2021.
Tom Fitzpatrick, a technical analyst at Citi, said in a note BTC could climb up to $318,000 by the end of next year over its limited supply and ease of movement across borders. Bloomberg analyst Mike McGlone has said BTC’s next “big resistance” is when its market cap is at $1 trillion, and that the price of the cryptocurrency could reach six digits by 2022.
Crypto YouTuber Colin Talks Crypto has published a tweet pointing out pattern in BTC’s bull runs that point towards the flagship cryptocurrency surpassing $100,000 over its next bull run, based on historical performance.
Colin’s data shows BTC had three previous bull runs in 2011, 2013, and 2017. In 2011, its price went to a $31 high, before plunging 94% to $2 after the run was over. His data adds that in 2013, the top was of $1,153, and was followed by an 85% plunge after the fall of Mt Gox.
In 2017, the bull run topped at around $20,000 – while Colin’s data points slightly higher, the price varied from exchange to exchange – and then proceeded to crash 84% to $3,190. This implies that in the next bull run BTC’s price will get to $160,000.
Commenting on the patterns Colin added that he considers “ridiculous estimate to assume BTC would only go to $50k, for example.” Per his words, one BTC trading at $50,000 would only be a 2.5x increase from the previous all-time high and “BTC bull runs have never even been close to that small before.”
The patterns also appear to show that if BTC does hit $160,000 in the next bull run, it will also see a drop of at least 84%, which would mean it would then crash to a little over $25,000 per BTC. It’s worth noting, however, past performance does not guarantee future results, and may not even be a good indicator.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Featured image via Pixabay.