Although the value of the digital currency market has increased significantly, many crypto-asset proponents are wondering how far the next bull market will take them. For example, the last three Bitcoin bull markets have experienced different price spikes and have also fallen sharply below 80%. If the next Bitcoin bull market follows a similar pattern, then crypto assets are likely to reach $160,000 per unit.
At the time of publication, the cryptocurrency economy has far exceeded half of the trillion dollars and currently hovering at 538 billion dollars. The great cryptocurrency price boom of 2020 has made many cryptocurrency supporters believe wholeheartedly that the Bitcoin bull market is brewing.
The price of Bitcoin (BTC) is as high as $18977 per coin, which is very close to the historical high of 2017. Countless people believe that the value of Bitcoin in the future will easily reach six figures beyond the $100,000 area.
For example, in a recent interview, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, discussed the issue of maintaining current Bitcoin levels. McGlone stated in the report that in the next 1-2 years, BTC may add zeros to the end of the price tag.
Many Bitcoin manufacturers also believe that BTC may reach $100,000 or more, and discussions of this price range on Twitter and Reddit forums are commonplace. For example, Youtuber Colin Talks Crypto tweeted about how the Bitcoin bull market operates on Sunday.
of Chart Colin shared It shows that BTC has three periods of bullish price in 2011, 2013 and of course before 2017. In 2011, Bitcoin (BTC) surged to $31 per token for the first time, but then the price fell by 94%.
Then in the economic fiasco of Cyprus and the heyday of the Mt Gox exchange, according to Colin’s chart, BTC soared 37 times to $1,153 per coin. The subsequent bear market diving lost 85% in the next two years of 2014 and 2015. In 2017, BTC saw its largest bull market price so far. On December 17th, in some global exchanges, every The price of the coin reached $20,078.
After the Bitcoin bull market in 2017, Colin’s chart showed that BTC fell by 84% to a low of $3,191 per unit. The rest of his chart shows many question marks because future results have not yet been realized.
“This chart shows historically that the peak-to-peak value of Bitcoin has reached 37 times [and] 17 times. ” tweet. “Even if we assume that this model continues to exist and the multiplier decreases, it can be expected to increase by 8 times compared to the previous ATH. Youtuber added that $20,000 x 8 = $160,000 per BTC.
Colin Add further He believes that “US$160,000 per bitcoin is a very conservative estimate.” “Similarly, I think it is an absurd estimate to assume that BTC will only reach US$50,000. $50k is only 2.5 times the previous ATH. BTC’s bull market It’s never even been so small now.” He pointed out.
Now, if BTC hits a high of $160 by jumping 8 times its previous all-time high, then a huge selling pattern will follow. If one assumes that the price drops conservatively by 84% after falling to $160,000, the price of BTC will eventually fall to the lowest point of $25,600 per coin.
Of course, we don’t know whether BTC will follow a similar path or hypothetical pattern, and the price of BTC is likely to follow the opposite trajectory. In addition, BTC haters like Peter Schiff believe that Bitcoin will ultimately be worthless.
“The idea of the value of Bitcoin comes from the past work required to verify the information encoded on the encoder. [blockchain] Nonsense If I try to dig a hole and fill it with dust, what value will my labor create? A worthless effort is worthless. Tweet on Friday.
What do you think of the possibility of Bitcoin reaching $160,000 in the future? Let us know your thoughts on this topic in the comments section below.
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Picture Credits: Shutterstock, Pixabay, Wiki Commons, Twitter, Colin Talks Crypto,
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