Previous Bitcoin Bull run patterns suggest current run could see a high of $ 160,000, a possible bottom of $ 25,000

As digital currency markets have risen significantly in value, a number of crypto asset promoters are wondering how far the next bull run will take them. For example, the last three Bitcoin bull runs have also seen different price spikes and significant drops below 80%. If Bitcoin’s next bull run follows a similar pattern, it is quite possible that the crypto asset will reach $ 160,000 per unit.

At the time of publication, the cryptocurrency economy is well over half a trillion dollars and today hovers at $ 538 billion. The big crypto price boom in 2020 has a number of crypto supporters who believe wholeheartedly that the bitcoin bull run is now underway.

At a price of around $ 18,977 per coin, bitcoin (BTC) is very close to hitting an all-time high of 2017. A myriad of individuals believe that bitcoin could very easily reach six digits in value crossing the zone. $ 100,000 in the future.

For example, in a recent interview, Bloomberg Intelligence Senior Commodity Strategist Mike McGlone discussed sustaining current bitcoin levels. During the report, McGlone said that in the next 1-2 years, it’s possible that BTC will add another zero at the end of the price.

A large number of bitcoiners also believe that BTC could reach $ 100,000 or more and discussions of this price range are rife on the Twitter and Reddit forums. For example, Youtuber Colin Talks Crypto tweeted about bitcoin bull runs patterns on Sunday.

the graphic shared by Colin shows that BTC experienced three periods of bullish prices in 2011, 2013 and of course 2017. In 2011, bitcoin (BTC) soared for the first time to $ 31 per coin, but then fell 94% in value .

Then, during the economic fiasco in Cyprus and the heyday of the Mt Gox exchange, BTC climbed 37x to $ 1,153 per coin according to Colin’s chart. The next dip in the bear market saw an 85% loss over the next two years in 2014 and 2015. In 2017, BTC experienced the biggest bullish price to date, reaching $ 20,078 per coin on a few exchanges. worlds on December 17.

After the bitcoin bull run of 2017, Colin’s chart shows BTC plunged 84% to a low of $ 3,191 per unit. The rest of his graph shows a bunch of question marks because the future outcome has yet to come to fruition.

“This chart historically shows that peak to peak bitcoin has been 37x [and] 17x ”, said Colin in his Tweeter. “Even if we assume the trend continues and a decrease in the multiplier occurs, it’s fair to expect an 8x increase from the previous ATH. $ 20,000 x 8 = $ 160,000 per BTC, ”added the Youtuber.

Colin added again that he thinks “$ 160,000 per bitcoin is a very conservative estimate.” “Likewise, I consider it a ludicrous estimate to assume that BTC would only go for $ 50k, for example. $ 50k would only be 2.5x of the previous ATH. BTC bull races have never even been smaller than before, ”he said.

Now, if BTC peaked at $ 160 by jumping 8x the previous record, the possibility of a huge dump pattern could also follow. Assuming a cautious drop in value of around 84% after hitting $ 160,000, the price of BTC would eventually hit a low of around $ 25,600 per coin.

Of course, we have no idea if BTC will follow a similar path or a supposed pattern and the price of BTC could very well follow an opposite path. Additionally, BTC haters like Peter Schiff believe that eventually bitcoin will be worthless.

“The idea that the value of bitcoin stems from previous work needed to validate the information encoded on the [blockchain] is nonsense. If I work hard to dig a hole and then fill it with soil, what value does my work create? An effort that produces no value is worthless ”, Schiff tweeted Friday.

What do you think about the possibility of bitcoin reaching $ 160,000 in the future? Let us know what you think of this topic in the comments section below.

Image credits: Shutterstock, Pixabay, Wiki Commons, Twitter, Colin Talks Crypto,