Over the years, Bitcoin price has gone through multiple bull and bear cycles, and with those cycles, a fairly consistent trend has emerged. As a result, crypto analyst will often use the historical performance of the coin to determine what might happen next. This time, market expert PlanB has pointed to past cycle performance that paints a bullish picture for Bitcoin going forward.
Bitcoin could rise 1,000%
In a post on X (formerly Twitter), crypto analyst PlanB stated that the Bitcoin bull run is far from over. The crypto analyst points to previous cycles and how the Bitcoin price has performed to reach this conclusion. This comes with an initial leg up before a drawdown and then followed by an even bigger run.
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The analysis looks at the last two bull cycles, with the similarities occurring both times. During the 2017 bull run, Bitcoin price initially rose four times before falling. Although the slowdown seemed to signal the end of the bull market, it was only a brief stop. What followed was a 10x market rally that sent the BTC price to new all-time highs.
In the next bull cycle, which took place between 2020 and 2021, Bitcoin price would play a similar game. There was an initial four-fold increase that ended in 2020. This was followed by a slowdown before another increase occurred. By the time the bull cycle ended, the BTC price had increased sevenfold.
Bitcoin is up 4x from its 2022 low to date.
Historically, this follows 7-10x.
What do you think bitcoin will do in the next twelve months? pic.twitter.com/WtyO0u5RHn— PlanB (@100 trillionUSD) August 21, 2024
Taking this into account and the fact that the current cycle still follows this trend, PlanB thinks it will play out the same way. The crypto analyst points out that the Bitcoin price has already completed the first phase of this trend, having quadrupled since 2022.
If this trend continues, the BTC price could be on track for a 700% to 1,000% increase in price from now on. Even if the BTC price were to see lower returns like it has between the last two cycles, a continuation of the trend from here on would still see an upside between 300% and 400%. 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 end at the bottom of the range with a 700% increase, the price would be at least $400,000 by the time the bull market is over. If it continues at 1,000% to the top of the range, it would top $550,000.
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Currently, the Bitcoin price is still hovering around $59,000, indicating a slowdown. If the timeline in the post is to be followed, the BTC price would reach six figures in less than a year.
Featured image created with Dall.E, chart from Tradingview.com