Bitcoin
Making sense of the path Bitcoin’s price will take in the near future
Each time a halving occurs, Bitcoin sees a dramatic surge to a new all-time high, beyond many expectations. Bitcoin’s value sees regular pumps, followed by regular dumps until it eventually stabilizes with a new bottom. For some months, it trades relatively sideways until a second surge begins.
Based on this narrative, can Bitcoin record a new ATH in 2021?
Analyst Bit Harington, in a series of tweets presented a similar scenario inspired by Bitcoin’s bull runs, post halving.
Source: Twitter
Bitcoin’s halving event in 2012 and 2016 saw the token rise by more than 600%, when measured from the resistance/support (R/S) line. Analysts (in the past and even now) perceive the halving as a bullish event. The said analyst is no different. He opined,
“What if…? Bitcoin
[R=Resistance, S=Support] From the R/S line Bitcoin pumped ~6X after halving 1 (~$200 to ~$1200) and also ~6X after halving 2 (~$3K to ~$20K)…”
In 2020-2021, Bitcoin witnessed an immense surge; a surge from below $4,000 to rising to above $60,000. (see chart below). Well, now, maintaining the $60k mark as the same R/S line – a clear bullish breakout looks imminent.
BTW: From this perspective there's a "Bitcoin double top" after every halving. It wasn't really obvious after halving 2 (like the obvious double top after halving 1), but you can still see this double top in various indicators. Weekly RSI for example:https://t.co/lopvWPqd3v
— Bit Harington (@bitharington) September 19, 2021
Exploring further
Dutch trader and analyst Michaël van de Poppe too added some support
to the aforementioned analysis. As per his tweet, it would lead Bitcoin prices to the $250,000-$350,000 range. Poppe, on the same thread, added,“This makes a ton of sense and in line with my ideas too. Somewhere (in) 2017 we are. Heavy breakout to come at a later stage to ~$250-350K and then landing on $65K in the bear market for Bitcoin.”
Having said that, he hinted at a possible correction as well. The bear market could push Bitcoin prices back toward $65,000. Apart from this, other members in the community too agreed with the aforementioned analysis. Now, needless to say, a certain group completely slammed the said thesis. Something that remains common within the crypto world. For instance,
Many Bitcoiners claim $BTC will hit $1M.
To keep its network online, #Bitcoin would need to consume around 12-18% of the world's global electricity.
Bitcoin cannot scale at all and has no real utility, which is why anyone with a brain knows the future is with alts.
— Mr. Whale (@CryptoWhale) September 18, 2021
