{"id":456010,"date":"2021-02-04T20:00:17","date_gmt":"2021-02-04T20:00:17","guid":{"rendered":"https:\/\/uniquehot.com\/?p=456010"},"modified":"2024-06-11T14:13:09","modified_gmt":"2024-06-11T14:13:09","slug":"heres-how-high-bitcoin-could-go-if-2017-repeats","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/heres-how-high-bitcoin-could-go-if-2017-repeats\/","title":{"rendered":"Here’s How High Bitcoin Could Go If 2017 Repeats"},"content":{"rendered":"

Bitcoin is in a bull market and anyone who understands the cryptocurrency’s potential knows that much higher prices are ahead<\/a> in the short- and long-term. But how high would prices actually reach if the cryptocurrency’s price action mimicked the epic 2017 rally, tick for tick?<\/p>\n

An analyst at Ark Invest has come up with a hypothetical chart that demonstrates what could come if a similar trajectory is followed. And according to the chart, the Bitcoin price would top out at roughly $390,000 at the height of the current cycle.<\/p>\n

Bull Trend Emerges, But Can It Match Record-Breaking 2017 Rally?<\/h2>\n

When Bitcoin begins to trend \u2013 regardless of direction \u2013 it trends hard<\/a>. But while downtrends start sharply and end in a similar manner, bull markets often have sustained momentum that propels the asset to significantly higher prices each market cycle.<\/p>\n

Where the cryptocurrency is in its current market cycle is up for debate, but thanks to the asset’s hard-coded block reward “halving”<\/a> the cycle can be predicted with some accuracy.<\/p>\n

Related Reading | GMI Model Estimates Bitcoin Fair Value At $300K By October 2021<\/a><\/em><\/strong><\/p>\n

Where Bitcoin is now could be somewhere before what the creator of the popular stock-to-flow model says is the “point of no return.” At this point in 2017, the top cryptocurrency jumped from around $1,000 to $20,000 and made it a household name.<\/p>\n

This time, according to a chart shared by<\/a> Ark Invest analyst Yassine Elmandrja, if the same path is followed, Bitcoin could hypothetically reach $390,000 per BTC before peaking.<\/p>\n

\"\"<\/p>\n

What the linear chart would look like if 2017 repeats | Source: Ark Investment Management, LLC<\/a><\/pre>\n
Bitcoin Bull Run Reaches Final Stretch, But Peak Projected At $390,000<\/h2>\n
What isn’t pointed out, however, that if the same path is being followed<\/a> and according to the chart Bitcoin is somewhere around May 2017, there’s only a few months left of the current bull run.<\/p>\n
This also means is that analysts are expecting Bitcoin price to rise by over ten times within the next few months as investors scramble to buy up whatever supply remains.<\/p>\n
Related Reading | Sats Stats: Bitcoin Grows 37x In Four Years From Today<\/a><\/strong><\/em><\/p>\n
Bitcoin did roughly a 10x from Black Thursday through now, but is it capable of another 10x from here? Anything is possible given the supply constraints, and the sudden influx of institutional capital that could soon be coming.<\/p>\n
The chart shared by the analyst might appear ridiculous, but as is evident by the 2013 peak barely representing a blip on the chart, the same is again possible.<\/p>\n
\"\"<\/p>\n
The same trajectory, but on log scale | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Viewing the same chart in logarithmic scale<\/a> shows a more realistic take on the same chart, with parabolic curves to support the trajectory that takes the price per BTC to the hypothetical target implied.<\/p>\n
Could Bitcoin really reach $390,000 per coin before peaking?<\/p>\n
Featured image from Deposit Photos, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin is in a bull market and anyone who understands the cryptocurrency’s potential knows that much higher prices are ahead in the short- and long-term. But how high would prices actually reach if the cryptocurrency’s price action mimicked the epic 2017 rally, tick for tick? An analyst at Ark Invest has come up with a hypothetical chart that demonstrates what could come if a similar trajectory is followed. And according to the chart, the Bitcoin price would top out at roughly $390,000 at the height of the current cycle. Bull Trend Emerges, But Can It Match Record-Breaking 2017 Rally? When Bitcoin begins to trend \u2013 regardless of direction \u2013 it trends hard. But while downtrends start sharply and end in a similar manner, bull markets often have sustained momentum that propels the asset to significantly higher prices each market cycle. Where the cryptocurrency is in its current market cycle is up for debate, but thanks to the asset’s hard-coded block reward “halving” the cycle can be predicted with some accuracy. Related Reading | GMI Model Estimates Bitcoin Fair Value At $300K By October 2021 Where Bitcoin is now could be somewhere before what the creator of the popular stock-to-flow model says is the “point of no return.” At this point in 2017, the top cryptocurrency jumped from around $1,000 to $20,000 and made it a household name. This time, according to a chart shared by Ark Invest analyst Yassine Elmandrja, if the same path is followed, Bitcoin could hypothetically reach $390,000 per BTC before peaking. What the linear chart would look like if 2017 repeats | Source: Ark Investment Management, LLC Bitcoin Bull Run Reaches Final Stretch, But Peak Projected At $390,000 What isn’t pointed out, however, that if the same path is being followed and according to the chart Bitcoin is somewhere around May 2017, there’s only a few months left of the current bull run. This also means is that analysts are expecting Bitcoin price to rise by over ten times within the next few months as investors scramble to buy up whatever supply remains. Related Reading | Sats Stats: Bitcoin Grows 37x In Four Years From Today Bitcoin did roughly a 10x from Black Thursday through now, but is it capable of another 10x from here? Anything is possible given the supply constraints, and the sudden influx of institutional capital that could soon be coming. The chart shared by the analyst might appear ridiculous, but as is evident by the 2013 peak barely representing a blip on the chart, the same is again possible. The same trajectory, but on log scale | Source: BTCUSD on TradingView.com Viewing the same chart in logarithmic scale shows a more realistic take on the same chart, with parabolic curves to support the trajectory that takes the price per BTC to the hypothetical target implied. Could Bitcoin really reach $390,000 per coin before peaking? Featured image from Deposit Photos, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":456015,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,78790,6664,4524,76835],"class_list":["post-456010","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nHere's How High Bitcoin Could Go If 2017 Repeats<\/title>\n<meta name=\"description\" content=\"Bitcoin is in a bull market and anyone who understands the cryptocurrency's potential knows that much higher prices are ahead in the short- and long-term.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/uniquehot.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Here’s How High Bitcoin Could Go If 2017 Repeats","url":"http:\/\/uniquehot.com\/news\/heres-how-high-bitcoin-could-go-if-2017-repeats\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/heres-how-high-bitcoin-could-go-if-2017-repeats\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/02\/bitcoin-high-Depositphotos_9249342_xl-2015-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/02\/bitcoin-high-Depositphotos_9249342_xl-2015-scaled.jpg?fit=2191%2C2560"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","btcusdt","crypto","xbt","xbtusd"],"dateCreated":"2021-02-04T20:00:17Z","datePublished":"2021-02-04T20:00:17Z","dateModified":"2024-06-11T14:13:09Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Here’s How High Bitcoin Could Go If 2017 Repeats\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/heres-how-high-bitcoin-could-go-if-2017-repeats\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/heres-how-high-bitcoin-could-go-if-2017-repeats\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/02\\\/bitcoin-high-Depositphotos_9249342_xl-2015-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/02\\\/bitcoin-high-Depositphotos_9249342_xl-2015-scaled.jpg?fit=2191%2C2560\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt\",\"crypto\",\"xbt\",\"xbtusd\"],\"dateCreated\":\"2021-02-04T20:00:17Z\",\"datePublished\":\"2021-02-04T20:00:17Z\",\"dateModified\":\"2024-06-11T14:13:09Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/02\/bitcoin-high-Depositphotos_9249342_xl-2015-scaled.jpg?fit=2191%2C2560","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/456010"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=456010"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/456010\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/456015"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=456010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=456010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=456010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}