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Bitcoin price needs to hit $340,000 just to match its performance from its last BTC halving cycle, data shows.
In a Twitter series on Aug. 20, popular statistics resource ChartsBTC noted that the BTC price still has huge room for growth at current levels of $11,700.
Comparing lows, highs and halving prices from its two previous Bitcoin halving cycles, ChartsBTC put the difference between peaks at 36x for the 2012 cycle and 17x for the 2016 cycle.
In order to repeat even the more modest cycle’s success, BTC/USD would have to trade at $340,000. 36x from last cycle’s high — Bitcoin’s all-time record of $20,000 — comes to $720,000.
Comparing cycle lows, the results are even more dramatic — the smallest jump of 130x from the previous cycle would deliver a Bitcoin price of $400,000.
Running the same diagnosis for Bitcoin’s price at the time of its halving events, the price target is $250,000.
“The multiples from prior cycles applied to the current one arrive at highs between $250k and $1.6M in the next 18 months,” ChartsBTC summarized.
The account noted that while the math adds up, there is little evidence which demands that such levels really do appear within the given timeframe. “While this may sound exciting, it’s just hopium,” it added.
“The prior highs and lows won’t dictate the future.”
In other trending Bitcoin News today:
Yearn Finance (YFI) Becomes First Altcoin to Exceed the Price of Bitcoin – Now What?
Yearn.finance’s native governance token YFI became the first-ever altcoin to surpass the price of Bitcoin (BTC) on Aug. 20.
It spiked to as high as $13,444 on Binance, fueled by the growing demand for Decentralized Finance, or DeFi.
Yearn.finance is a DeFi protocol that launched in July with no premine in a decentralized setting by developer Andre Cronje.
It is the first protocol on Ethereum that claims to give token holders all the power to govern the network.
Blockchain analytics firm IntoTheBlock said`:
“Just a month ago, the yearn.finance token was trading around the $1000 mark. #YFI is up more than 10x in one month, climbing to $10,551.25 yEarn Finance is the first project on Ethereum, whose governance is entirely in the hands of token holders.”
Cryptocurrency researcher Hasu explains yearn.finance as a platform that allows users to execute various investment strategies.
He says: “If you’re not familiar with Yearn, you can think of it as a smart bank account that automatically allocates your assets to different low-risk investment strategies that execute on the Ethereum blockchain.”
The price of YFI, the governance token of the protocol, increased naturally as the total value locked in yearn.finance surged.
According to data from Defipulse, more than $670 million worth of capital is locked in yearn.finance.
Compared to other tokens, the price of YFI is high due to its unique monetary supply.
Its supply is capped at 30,000, which is significantly lower than most digital assets.
While the price of YFI has surpassed $12,000, its market capitalization remains below $400 million.
By market cap, it is the 45th biggest cryptocurrency in the global market.
As such, crypto startup investor Ian Lee explained that YFI surpassing Bitcoin is more of a psychological event than anything else.
He explained:
“YFI ‘flipping’ BTC price is arbitrary & more psychologically than practically important. What is important is what yearn.finance is doing & Andre Cronje is building in DeFi.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
15,000 followers 🥳 Thank you everyone! Let’s break down the #bitcoin cycles and see how well history is rhyming. /1High $32, Low $2, Halving $12High $1,163, Low $152, Halving $658
High $19,892, Low $3,129, Halving $8572 pic.twitter.com/LmsuGjDiiq
— ChartsBTC (@ChartsBtc) August 20, 2020
The $ghost project is calling me a loose cannon because I called them on their bullshit.If I am a loose cannon because I dropped my support for a failing project so be it.
I will not support bullshit.
— John McAfee (@officialmcafee) August 19, 2020
https://cointelegraph.com/news/yfi-becomes-first-altcoin-to-exceed-the-price-of-bitcoin-now-what
https://cointelegraph.com/news/bitcoin-will-hit-340k-if-btc-price-repeats-2016-halving-cycle-pattern
https://cointelegraph.com/news/john-mcafee-has-left-his-own-privacy-asset-project
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