As the digital currency exchanges have grown significantly in price, many crypto-asset enthusiasts are wondering how far the succeeding Bull Run will get them. For example, the previous three BTC bull runs marked different price heads and significant drops under 80% also.
If the subsequent BTC Bull Run supports a similar design, and probably the crypto-asset could move 160K US Dollar per unit.
At the moment of printing, the cryptocurrency marketplace is well beyond half of a trillion USD and is hovering at 538 billion USD now. The excellent 2020 crypto payment boom has various crypto enthusiasts wholeheartedly assuming the BTC Bull Run is presently in session.
At a price value height of approximately $18,977 per coin, bitcoin (BTC) has come near to touching the 2017 all-time high. Numerous section of individuals believes that BTC could quite reach six digits in price, passing over the $100K zone in eternity.
A notable number of BTC supporters also believe that BTC could reach $100k or more and conversations regarding this value range are commonplace on Twitter and Reddit discussions.
The graph Colin shared displays that Bitcoin had three previous bullish price ending-pitch in 2011, 2013, and 2017. In 2011, BTC skyrocketed bounce to 31 USD per coin but consequently dropped 94 Percent in price.
So, during the economic debacle in Cyprus and the heyday of the market Mt Gox, Bitcoin nailed 37x to 1,153 USD per coin according to Colin’s table. The next bear market dive marked an 85 per cent loss over the subsequent two years in 2014 and 2015.
While, in 2017, Bitcoin saw the most significant Bull Run value yet, reaching $20,078 per coin on several global markets at the end of 2017.
Following the BTC bull run of 2017, Colin’s graph displays Bitcoin took an 84% jump to a low of 3,191-USD per unit. The rest of his graph presents a bunch of question marks due to the future result has yet to come to fulfilment.
The Data reveals that the height of BTC is 37x and 17x; Colin stated in his tweet. Likewise, if we assume, the design stays & a reduction in multiplier happens, it’s fair to suppose an 8x raise from prior ATH. $20,000 x 8 = $160,000 per Bitcoin.
Moreover, Colin continued that he believes $160K per BTC is a very traditional estimation. Besides, I examine it as a ridiculous assessment to consider Bitcoin would only go to 50,000 US Dollars. For instance, $50K would be a 2.5x from the prior ATH. Bitcoin bull runs have nevermore been confined to that small before, and he steered out.
Furthermore, if Bitcoin reached a top at $160K by bouncing 8x the preceding all-time high, the chance of a many dump design could also accompany.
Likewise, If one were to consider a traditionalistic drop in price at approximately 84% after touching at $160K, Bitcoin’s price value would end up bottoming out at approximately 25,600 US Dollars per coin.