As a seasoned researcher with over a decade of experience in the financial markets, I have witnessed the rise and fall of numerous assets, but none quite as fascinating as Bitcoin. The crypto market is a wild west of its own, with cycles that can make or break fortunes.
Over the span of several years, Bitcoin‘s value has experienced both upward (bull) and downward (bear) trends, with these cycles following a recurring pattern. Because of this predictable behavior, crypto analysts frequently examine Bitcoin’s past performance to forecast potential future developments. At present, market expert PlanB is drawing attention to the patterns in previous cycles that suggest a positive outlook for Bitcoin in the near future.
Bitcoin Could Rise 1,000%
On platform X, previously known as Twitter, crypto expert PlanB suggested that the Bitcoin price surge is likely to continue rather than end. The expert’s prediction is based on past trends and how Bitcoin has historically performed, implying an initial rise, a subsequent dip, and then another significant increase thereafter.
The study focuses on comparing the final two Bitcoin bull markets, where identical patterns have emerged. In the 2017 bull rush, the value of Bitcoin surged by four times before leveling off. At first glance, this plateau might have appeared as the end of the market’s growth. However, it turned out to be just a brief pause. After that, there was an impressive 10-fold increase in the market that propelled the Bitcoin price to unprecedented new highs.
During the next period of growth for Bitcoin (which happened from 2020 to 2021), we can expect a comparable trend. Initially, there was a fourfold increase that concluded in 2020. After this, there was a slowdown followed by another rise. By the end of this growth phase, the price of Bitcoin had multiplied by seven times its original value.
Bitcoin saw a fourfold increase from its lowest point in 2022 up until now, and historically, it has often seen an increase of 7 to 10 times this amount following such a surge. So, the question is: What could be the potential future movement of Bitcoin over the next 12 months?
— PlanB (@100trillionUSD) August 21, 2024
Given these circumstances and considering that the present trajectory remains consistent, PlanB suggests a comparable outcome. This crypto expert notes that the Bitcoin price has already passed through the initial stage of this pattern, having increased 4 times since 2022.
Should this pattern continue, we might see Bitcoin’s price soaring by anywhere between 7-fold to 10-fold from its current level. Even if Bitcoin experiences a more moderate increase similar to the last two cycles, it would still result in a 3-4 fold rise. In either scenario, Bitcoin is likely to surpass the significant milestone of $100,000 per coin.
How High Would A 1,000% Rally Be?
According to PlanB’s forecast, if Bitcoin’s price ends at the lower limit of its projected range and experiences a 700% increase, we can expect the price to reach approximately $400,000 by the end of the bull market. If it reaches the upper limit with a 1,000% increase, the price could surpass $550,000.
At present, Bitcoin’s value continues to hover around $59,000, indicating a potential decrease in momentum. Following the given timeframe, it’s predicted that Bitcoin’s price could reach six figures within the next twelve months.
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2024-08-22 08:10