Over the years, the Bitcoin price has been through multiple bull and bear cycles, and with the cycles have come a rather consistent trend. As a result, crypto analyst will often use the historical performance of the coin to determine what might happen next. This time around, market expert PlanB has pointed to previous cycle performances that paint a bullish picture for Bitcoin going forward.
Bitcoin Could Rise 1,000%
In a post on X (formerly Twitter), crypto analyst PlanB proposed that the Bitcoin bull run is far from over. The crypto analyst points to previous cycles and how the Bitcoin price has performed to come to this conclusion. This comes with an initial leg up before a drawdown and then followed by an even larger run.
The analysis takes a look at the last two bull cycles with similarities that have played out both times. In the 2017 bull run, the Bitcoin price had seen an initial 4x increase before slowing down. While the slowdown looked to be the end of the bull market, it was only a short stop. What followed was a 10x market rally that sent the BTC price to new all-time highs.
In the next bull cycle, which occurred between 2020 and 2021, the Bitcoin price would put on a similar play. There was an initial 4x increase that ended in 2020. This was followed by a slowdown before another rise. By the time the bull cycle was done, the BTC price had completed a 7x increase.
Bitcoin increased 4x from the bottom in 2022 to now.
Historically 7-10x follows from here.
What do you think bitcoin will do next 12 months? pic.twitter.com/WtyO0u5RHn— PlanB (@100trillionUSD) August 21, 2024
Taking this into account and the fact that the current cycle is still following this trend, PlanB believes it’ll play out similarly. The crypto analyst points out that the Bitcoin price has already completed the first phase of this trend after rising 4x since 2022.
If this trend plays out, then the BTC price could be headed for between a 700% and 1,000% price increase from here. Even if the BTC price were to see a diminished return like it did between the last two cycles, a continuation of the trend would still ensure a between 300% and 400% increase from here. 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 finish in the bottom of the range with a 700% increase, then the price would be looking at at least $400,000 by the time the bull market is over. If it goes through to the top of the range with 1,000%, it would reach above $550,000.
Currently, the Bitcoin price is still trending at $59,000, which suggests a slowdown. If the timeline in the post is to be followed, then the BTC price would be at six figures less than a year from now.
Featured image created with Dall.E, chart from Tradingview.com