BTC and ETH will be making even more new ATHs in the near future after the 3rd halving
The two dominant digital assets, BTC and ETH, have set many memorable price points since their inception. Bitcoin currently holds the psychologically important level of $ 60,000 and is trading at $ 61,500. Meanwhile, ETH is at $ 4,512, up 2% over the past 7 days.
It is now worthwhile to consider how far the price of both will continue to rise.
The on-chain data source has Ecoinometrics tweets a more detailed answer to the above question. Especially after historical precedents, BTC is likely to dwarf estimates.
The source: Econometrics
First, regarding BTC’s “historical precedent,” the Bitcoin blockchain performed its third halving on May 11, 2020. Since then, Bitcoin has traded 7.3 times the price movement over the past year, which has resulted in a significant spread between the two events. Specifically, the price at the time of halving is $ 8,600 and the price at the time of writing is $ 61,500. However, the price action won’t stop until it is 30x higher.
As can be seen in the graph above, despite some weaknesses, the current cycle still correlates strongly with the two previous cycles. In line with the 2017 cycle, the next BTC price spike could be as high as $ 253,800 (that’s 29.5 times that). Since the 3rd halving:
“BTC is up 7.3x (peak at 29.5x since last cycle).”
The source: Ecoinometry
For the largest altcoin, ETH rose more than bitcoin. Similarly, in 2018 it could be 120 times more than halved the price.
“ETH has now increased by 24.8x (highest value at 120x since the last cycle).”
That means ETH is trading at $ 22,300. Note, however, that some type of correction will traditionally be done. Bitcoin has to bottom out at around $ 42,000, while ETH will drop to $ 1,347.
While such high numbers seem hard to believe, no matter the circumstances, crypto advocates remain optimistic. For example, the analyst TechDev has predicted that Bitcoin will even hit $ 200,000 to $ 300,000.
The source: TechDev
In addition, the famous data analyst Willy Woo believe This bitcoin halving cycle will be unique.
“My prediction for the top of this cycle? Since, in my opinion, this is the last cycle that will bring us to saturation, we can no longer price in USD if we are successful, as everything is valued in BTC. The top of the cycle is therefore easy to choose, if 1 BTC = 1 BTC. “
Overall, BTC and ETH still have plenty of room for growth and the creation of more ATHs in the near future.
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