If you look at the highs, lows and the cycles after the Bitcoin (BTC) halving, you will find huge Bitcoin price targets. One of those next goals is the $ 340,000 to match the last halving cycle performance, data shows.
Bitcoin price at $ 340,000?
In a series of tweets (https://twitter.com/ChartsBtc/status/1296321918925025280) on August 20, 2020, ChartsBTC wrote that Bitcoin still offers tremendous room for growth at a current level of $ 11,700. ChartsBTC compares lows, highs and halving prices from the two previous halving cycles and puts the difference between the peaks for the 2012 cycle at 36 times and for the 2016 cycle at 17 times. To repeat the last few cycles again, the Bitcoin would have to reach a price of $ 340,000. 36 times the high from the last cycle is $ 720,000. When comparing the lows, the results are even higher. The small jump from the previous cycle would bring Bitcoin price to $ 400,000.
“The multipliers from previous cycles applied to the current one will peak between $ 250,000 and $ 1.6 million over the next 18 months.”
However, it was also written that the mathematics adds up, but there is little evidence that such levels are really achieved within the given time frame.
“While this may sound exciting, it’s just hopium.”
“The previous highs and lows will not determine the future.”