Historical Data Suggests Bitcoin Could Rise 1,000%, Here’s Why

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,249,341,678,745	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,249,341,678,745

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-2,037.64	-3.10%	63,591.74	63,590.02	63,591.74

Price Change

Price Change %

Current Price

Bid Price

Offer

-2,037.64

-3.10%

63,591.74

63,590.02

63,591.74

High Price	Low Price	Open Price	Prev. Close	52 Week Range
65,624.95	63,241.66	65,553.10	65,627.67	26,521.32 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

65,624.95

63,241.66

65,553.10

65,627.67

26,521.32 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	18:56:28	0.002053	63,590.03	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

18:56:28

0.002053

63,590.03

USD

Price x Volume	Volume	Base Symbol	Related Pairs
640,563,792.16	9,993.55	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

640,563,792.16

9,993.55

Historical Data Suggests Bitcoin Could Rise 1,000%, Here’s Why

22/08/2024 6:00am

NEWSBTC

Over the years, the Bitcoin price has been through multiple bull and bear cycles, and with the cycles have come a rather consistent trend. As a result, crypto analyst will often use the historical performance of the coin to determine what might happen next. This time around, market expert PlanB has pointed to previous cycle performances that paint a bullish picture for Bitcoin going forward. Bitcoin Could Rise 1,000% In a post on X (formerly Twitter), crypto analyst PlanB proposed that the Bitcoin bull run is far from over. The crypto analyst points to previous cycles and how the Bitcoin price has performed to come to this conclusion. This comes with an initial leg up before a drawdown and then followed by an even larger run. Related Reading: Cardano Kicked Out Of Top 10 Crypto By Market Cap, What’s Going On? The analysis takes a look at the last two bull cycles with similarities that have played out both times. In the 2017 bull run, the Bitcoin price had seen an initial 4x increase before slowing down. While the slowdown looked to be the end of the bull market, it was only a short stop. What followed was a 10x market rally that sent the BTC price to new all-time highs. In the next bull cycle, which occurred between 2020 and 2021, the Bitcoin price would put on a similar play. There was an initial 4x increase that ended in 2020. This was followed by a slowdown before another rise. By the time the bull cycle was done, the BTC price had completed a 7x increase. Bitcoin increased 4x from the bottom in 2022 to now. Historically 7-10x follows from here. What do you think bitcoin will do next 12 months? pic.twitter.com/WtyO0u5RHn — PlanB (@100trillionUSD) August 21, 2024 Taking this into account and the fact that the current cycle is still following this trend, PlanB believes it’ll play out similarly. The crypto analyst points out that the Bitcoin price has already completed the first phase of this trend after rising 4x since 2022. If this trend plays out, then the BTC price could be headed for between a 700% and 1,000% price increase from here. Even if the BTC price were to see a diminished return like it did between the last two cycles, a continuation of the trend would still ensure a between 300% and 400% increase from here. Either way, it would mean that Bitcoin will eventually break the coveted $100,000 price target. How High Would A 1,000% Rally Be? Going by PlanB’s prediction, if the Bitcoin price were to finish in the bottom of the range with a 700% increase, then the price would be looking at at least $400,000 by the time the bull market is over. If it goes through to the top of the range with 1,000%, it would reach above $550,000. Related Reading: Dogecoin Faces Supply Squeeze: What This Means For Price Currently, the Bitcoin price is still trending at $59,000, which suggests a slowdown. If the timeline in the post is to be followed, then the BTC price would be at six figures less than a year from now. Featured image created with Dall.E, chart from Tradingview.com

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