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Bitcoin price may be over seven times higher than at its last halving, but if history repeats, that number could grow another 300% with a BTC price peak as much as $253,800.
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.
Ethereum 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.
Since the 3rd halving:
🟠 BTC is up 7.3x (topped at 29.5x last cycle)
🔴 ETH is up 24.8x (topped at 120x last cycle)
In other trending Bitcoin News today: Raoul Pal: Expect the ‘path of most pain’ around December!
Former Goldman Sachs hedge fund manager and Real Vision founder Raoul Pal believes that the social media pundits are wrong and that the crypto market cycle won’t end this year.
According to Pal, Bitcoin (BTC), Ether (ETH) and altcoin markets are likely to “take the path of most pain,” potentially crashing twice over the next six months.
“My guess is that we probably have a sell-off, and then it rips again because that is the path of most pain and markets tend to take the path of most pain.”
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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:
https://cointelegraph.com/news/bitcoin-will-peak-at-253k-ethereum-at-22k-this-cycle-if-2016-halving-bull-run-repeats
https://cointelegraph.com/news/raoul-pal-expect-the-path-of-most-pain-around-december
https://cointelegraph.com/news/bitcoin-on-chain-metric-suggests-2017-style-bull-run-will-continue