Over the years, the price of Bitcoin has gone through many up and down cycles, and with those cycles, a fairly consistent trend has emerged. As a result, cryptocurrency analysts often utilize the coin’s historical performance to determine what might happen next. This time, market expert PlanB pointed to previous cycle results that paint a bullish picture for Bitcoin going forward.
Bitcoin could rise 1000%
In a post on X (formerly Twitter), crypto analyst PlanB suggested that the bitcoin bull run is far from over. The crypto analyst points to previous cycles and how the bitcoin price has behaved to come to this conclusion. This involves an initial rally before a drop, and then an even bigger rally.
The analysis looks at the last two bull market cycles that occurred in both cases. During the 2017 bull market, the price of Bitcoin initially increased by 4x before slowing down. While the slowdown seemed to be the end of the bull market, it was only a miniature stop. What followed was a 10x market rally that sent the price of BTC to up-to-date all-time highs.
In the next bullish cycle that took place between 2020 and 2021, the price of Bitcoin would play similarly. Initially, there was a 4x escalate that ended in 2020. Then, there was a slowdown before another escalate. By the time the bullish cycle ended, the price of BTC had completed a 7x escalate.
Bitcoin has quadrupled in value from its 2022 low to present.
Historically, this translates to 7-10x.
What do you think bitcoin will do in the next 12 months? photo: twitter.com/WtyO0u5RHn— PlanB (@100trillionUSD) August 21, 2024
Considering this and the fact that the current cycle continues to follow this trend, PlanB believes that it will follow a similar pattern. The cryptocurrency analyst points out that the price of Bitcoin has already completed the first phase of this trend after increasing 4x since 2022.
If this trend continues, BTC price could rise 700% to 1000% from this point. Even if BTC price were to see a diminished return, as has been the case in the last two cycles, a continuation of the trend would still provide a 300% to 400% escalate. Either way, this would mean Bitcoin finally breaking through the desired price target of $100,000.
How much would a 1000% escalate be?
According to PlanB’s prediction, if Bitcoin were to end at the bottom of the range with a 700% escalate, the price would be at least $400,000 when the bull market ends. If it were to end at the top of the range with a 1000% escalate, it would reach over $550,000.
Currently, the price of Bitcoin is still holding at $59,000, which suggests a slowdown. If we follow the timeline given in the post, the price of BTC will be in six figures in less than a year.
Featured image created with Dall.E, chart from Tradingview.com
