While the price of Bitcoin (BTC) fell more than 8.2% after rising to $ 42,230, the 43.5% rally included 10 consecutive days of gains. But even though BTC is currently trading at around $ 39,700 on August 2nd, some analysts believe it could go up another 100%.
Nunya Bizniz, an independent market analyst, released the bullish setup on Sunday, noting that each of the cryptocurrency’s previous 10-day bull runs doubled its prices at a later date.
If history repeats itself or rhymes, Bitcoin price can rise more than 100% in the next 30-60 days.
Noting that the next bitcoin peak could form on September 21, 2021, Bizniz cited the cryptocurrency’s performances before and after the previous two halving events. The halving is a preprogrammed phenomenon that was written into the source code of Bitcoin and that automatically reduces the new supply rate by half every four years.
After the first halving in 2013, it took Bitcoin prices about 326 days to hit a new record high. Meanwhile, after the next halving in 2016, Bitcoin hit a new high 526 days later. This shifts the date of Bitcoin’s cycle high to September 21, 2021, which coincides with the 10-day bullish fractal mentioned above and is based on its previous halving in May 2020.
A + B = pic.twitter.com/iWwK4IpEtI
– Nunya Bizniz (@Pladizow) August 1, 2021
Bitcoin could be in the six digits in the fourth quarter
Meanwhile, Ariel Santos-Alborna, a contributor to Seeking Alpha’s Financial Markets, noted that the current Bitcoin cycle is more similar to that of 2013 than it was in 2016. At that time, the BTC / USD exchange rate peaked at USD 255 in April, hit im July bottomed at $ 66 and then rose to a high of $ 1,150 in December.
Similarly, the pair hit nearly $ 65,000 in April, later tumbled to around $ 29,000 in July, and Santos-Alborna believed it would hit a new high in the next fiscal quarter of 2021.
Related: BTC price is corrected 6% unlike the booming Bitcoin on-chain data
However, the analyst cautioned traders to base their upside targets on previous price rallies. For example, an increase from $ 66 to $ 1,150 in 2013 does not mean that Bitcoin would increase from $ 29,000 to, for example, $ 256,000 in 2021.
“Both highs occurred in November and December, respectively, which could indicate that the trigger for bear markets had more to do with taxes,” said Santos-Alborna, adding that $ 88,000-150,000 is a “more realistic” upside target Bitcoin in 2021.
The statements come at a time when regulators and governments have stepped up their scrutiny of the cryptocurrency industry. This includes a recent move by U.S. lawmakers to tax the profits of cryptocurrency investors more heavily.
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