Happy Birthday, Bitcoin Halving! A comparison with the previous cycle, and what could be in store for the rest of this bullrun.
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The most recent Bitcoin halving took place on 11 May 2020, a year ago today. Bitcoin itself was priced around $8,500, with market dominance around 67%. Eth was around $185… what a difference a year makes! However this growth isn't entirely surprising going by the Bitcoin cycle – the Bitcoin halving event has instigated a bull market on three occasions now. While the Bitcoin Rainbow chart isn't something to base future performance on, its a great way of showing the price action following each halving: – 🌈 Bitcoin Rainbow Chart (Live) – Blockchaincenter So now we get onto what happens from here. The previous cycle had its Bitcoin halving at 9 July 2016, so what were the prices on 9 July 2017 and where did they reach by the peak? 9 July 2017: Bitcoin was $2,500, Eth was $240. The whole crypto market had a value of $96bn. Cycle peak: Bitcoin peaked at $18,600, Eth peaked at $1,250. The whole crypto market peaked at $830bn. So 1 year post-halving until the peak, Bitcoin roughly 6x'd, Eh roughly 7x'd, and the entire crypto 9x'd, which showed that alts had a brilliant 6 months! If the cycle mirrors the previous one at all, we are likely to have an outstanding time over the next half a year or so. Even if the crypto markets grew at half the rate from here until peak compared with the previous cycle, we could be looking at the following numbers by the end of this bullrun: BTC: $165k ETH: $14k Crypto market cap: $10 trillion! I hope you enjoyed this nice shot of hopium. Time to buckle up and enjoy the ride! submitted by /u/Dreampopgazer |
