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04.11.2021 08:59 PM
Bitcoin can break its historic highs again and grow more than 7 times, as in the last halving. If the scenario of the previous halving repeats itself, then Bitcoin has every chance to enter a long bull run and update its historical quotes.
Since the halving in May 2020, Bitcoin has grown in value more than 7 times. Many analysts are confident that the BTC/USD pair could break all records again if the historical precedent repeats itself.
The current cycle remains closely related to the previous two cycles. As soon as the reward for miners is halved, the digital asset immediately demonstrates a huge increase - and this is a positive fact.
If we look at 2017 as an example, then the next digital gold price spike could be around the $253,000 mark.
After overcoming this scenario, Bitcoin will still work out its price level within certain parameters.
Ethereum could grow too, according to Econometrics analytics. Ethereum has now hit its all-time highs and is trading at $4,470.
It showed a significant increase, and if we compare it with Bitcoin and build on the Bitcoin halving cycle, then in a repeated scenario, Ethereum may grow more than 5 times and trade at $22,000.
Prominent analyst Willy Woo is also confident that such growth is quite possible and justified. Woo shared his personal thoughts on Twitter this week.
The analyst is confident that the upcoming halving will be unique in its own way. It will lead to a global price change in digital gold as well as its scalability.
If everything goes in the right direction, then Bitcoin prices will skyrocket. Over the next five years, it will be interesting to observe this cycle and what financial results it can lead to.
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