A repeat efficiency would lead to ETH/USD trading at $22,300– which is once again possible.
Ecoinometrics, an on-chain information source, has shown that BTC/USD could go beyond price quotes if it follows historical precedent.
As an example, 2017 might see a peak in Bitcoins price of $253,800. Even then, Bitcoin would still be running within pre-determined criteria.
Ecoinometrics also provides data on Ether (ETH), and its performance relative the phase of Bitcoins halving cycle.
Bitcoin (BTC), although it might be 7 times more than its last halving, could increase to 300% if history repeats itself.
Bitcoin: You havent seen anything yet, when compared to 2017.
To reproduce its 2017 correction, Bitcoins rate would have to drop to $42,000. ETHs value would plunge to $1,347.
This information is based on the approximately four-year halving cycles during which Bitcoin has shown similar behavior since its inception.
The largest altcoin experienced much greater comparative gains than Bitcoin– 120x its halving rate was the peak of last cycle in 2018.
Bitcoin trades at 7.3 times its present price since May 2020s halving. If the previous halving cycle is any indicator, bitcoin will continue to trade at 7.3 times its current cost up until it reaches 30 times.
Despite some traders impatience, the present cycle is carefully connected to the previous 2.
Chart showing the post-halving performance of Bitcoin and Ether Source: Ecoinometrics/Twitter
1 BTC = 1 BTC
These high-stakes figures might appear challenging to comprehend, but they pale in comparison with Willy Woos well-respected information analyst.
Related: Bitcoin rate drop to $55K forecasted by trader
In a separate post, I kept in mind the nearness of Bitcoins market capitalization to U.S. dollars M2 supply. He stated that the future five-year situation– completion of the existing cycle, and the start of the next– will be “extremely fascinating.”
” What is my forecast for this cycles top? He wrote that he thinks this is the final cycle. It will take us to saturation.
Woo repeated this week in a tweet that the Bitcoin halving cycle will be special in one way: Things will be priced in Bitcoin, not United States dollars. This is because it will be impossible to utilize any other currency to measure BTC worth.
” Thus, the top of the cycle is easy to pick. It will be 1 BTC =1 BTC.