BTC: Historical bull runs and prediction for the upcoming time
As Bitcoin has surpassed $19K, market capitalization has also increased significantly, far ahead of US giant bank JPMorgan, a number of crypto asset proponents are wondering how far the next bull run will take them. If the next bitcoin bull run follows previous pattern, how far the leading crypto go? Let’s review the last three bitcoin bull runs and see what we could expect.
The bull run in 2011
The early days of Bitcoin there had very few exchanges made trading possible. In mid — June 2011, bitcoin skyrocketed for the first time ever to $31 per coin before tumbling all the way to $2.00 (dropped 94% in value) in November.
The bull run in 2013
In 2013, Bitcoin was only five years old but first started attracting attention from the market. In January 2013, Bitcoin was trading around $12.15 per coin and hadn’t yet shown up on anyone’s radar. Then a financial crisis occurred in March which kickstarted an incredible run for the remainder of the year.
During the economic fiasco in Cyprus and the heyday of the exchange Mt Gox, BTC soared 37x to $1,153 per coin in November, 2013. The following bear market dive saw an 85% loss over the following two years in 2014 and 2015 (BTC/USD = $173 after peak)
The bull run in 2017
Five years on the dot after Bitcoin’s four-figure debut, the king cryptoc skyrocketed past the five-figure mark at $10,000.00 and pushed all the way to $20,000.00 before losing steam. After the bitcoin bull run of 2017, BTC took an 84% dive to a low of $3,191 per unit.
“This chart shows historically that peak to peak bitcoin has been 37x [and] 17x,” Colin said in his tweet. “Even if we assume the pattern continues & a decrease in multiplier occurs, it’s fair to expect an 8x increase from previous ATH. $20,000 x 8 = $160,000 per BTC,” the Youtuber added.
What would we expect from historical bull runs?
Colin further added: “$160k per bitcoin is a very conservative estimate.” “Likewise, I consider it a ridiculous estimate to assume BTC would only go to $50k, for example. $50k would only be a 2.5x from The previous ATH. BTC bull runs have never even been close to that small before,” he pointed out.
Now if BTC peaks $160 by jumping 8x the previous all-time high, the possibility of a huge dump pattern could also follow. Assuming conservative drop in value at around 84% after topping at $160k, BTC’s price would end up bottoming out at around $25,600 per coin.
Of course, we have no idea if BTC will follow a similar path or an assumed pattern and BTC’s price could very well follow an opposite trajectory.
Note: This articles is for reference only!
