While Bitcoin (BTC) price fell greater than 8.2% after a rally to $ 42,230, the 43.5% improve consists of 10 consecutive days of income. But though BTC is at present trading at round $ 39,700 on August 2nd, some analysts are predicting it may rise 100%.

Nunya Bizniz, an impartial market analyst, posted a bullish setup on Sunday, noting that every of the earlier 10-day rallies in the cryptocurrency doubled its price throughout the section.

If historical past repeats itself or is unstable, Bitcoin price may rise greater than 100% in the subsequent 30-60 days.

Determining that the subsequent bitcoin spike may type on September 21, 2021, Bizniz cited the cryptocurrency’s performances earlier than and after the earlier two halving occasions. The halving is a preprogrammed phenomenon that was written into the supply code of Bitcoin and that routinely reduces the new supply fee by half each 4 years.

After first halving in 2013, it took Bitcoin price about 326 days to hit a brand new document excessive. Meanwhile, after the subsequent halving in 2016, Bitcoin bounced again to a brand new excessive 526 days later. This modifications Bitcoin’s cycle peak to September 21, 2021, which coincides with the 10-day bullish fractal talked about above and builds on its earlier halving in May 2020.

Short story:

A + B = pic.twitter.com/iWwK4IpEtI

– Nunya Bizniz (@Pladizow) August 1, 2021

Bitcoin could possibly be in the six digits in the fourth quarter

Meanwhile, a publish on Seeking Alpha’s Financial Markets Ariel Santos-Alborna famous that the present Bitcoin cycle is extra like 2013 than 2016. Previously, the BTC / USD fee peaked at $ 255 in April, bottomed at $ 66 in July, after which rebounded to a excessive of $ 1,150 in December.

Similarly, the pair hit practically $ 65,000 in April, then fell to round $ 29,000 in July, and Santos-Alborna believes it’s heading for brand spanking new highs in the subsequent 2021 fiscal 12 months.

Related: BTC Price Sees 6% Correction Against Explosive Bitcoin Chain Data

But the analyst warns merchants to base their bullish targets on previous rallies. For instance, a rise from $ 66 to $ 1,150 in 2013 doesn’t imply that Bitcoin will improve from $ 29,000 to $ 256,000 in 2021.

“Both highs occurred in November and December, which could suggest that the bear market trigger was more tax-related,” defined Santos-Alborna, including that $ 88,000-150,000 is a “more realistic” upside goal for Bitcoin for the 12 months 2021.

The statements come at a time when regulators and governments are scrutinizing the crypto trade. This consists of the latest transfer by US lawmakers to tax the income of crypto buyers extra closely.