Bitcoin To Peak At $253K & Ethereum At $22K This Cycle?
That is, if the 2016 halving bull run repeats itself here in 2021 which would liken to 300% growth and then some:
Bitcoin will peak at $253K, Ethereum at $22K this cycle if 2016 halving bull run repeats
Bitcoin currently trades 7.3 times its price since the halving in May 2020. If the last halving cycle is anything to go by, however, price action will not stop until it is 30 times higher.
The data relates to the roughly four-year halving cycles in which Bitcoin has exhibited identical behavior since its inception.
The current cycle, despite impatience from some traders, remains closely tied to the previous two.
Taking 2017 as an example, the next BTC price peak could be as much as $253,800 — and even then, Bitcoin would still be acting within previously defined parameters.
Ecoinometrics also includes data on Ether (ETH) and its performance relative to the stage of Bitcoin’s halving cycle.
The largest altcoin saw much larger comparative gains relative to Bitcoin — 120 times its halving price marked last cycle’s peak in 2018.
Thus, a repeat performance would mean ETH/USD trading at $22,300 — again not beyond the realms of possibility.