Calls for a doubled-up Bitcoin price rise as the cryptocurrency paints ten green candles in a row.
While Bitcoin’s (BTC) price has slipped by more than 8.2% after rising to $42,230, the 43.5% rally included 10 consecutive days of gains. But despite BTC currently trading at around $39,700 as of Aug. 2, some analysts anticipate that it can rise by another 100%.
Nunya Bizniz, an independent market analyst, posted the bullish setup last Sunday, noting that each of the cryptocurrency’s previous 10-day bull runs has ended up doubling its prices at a later stage.
Therefore, if the history repeats or rhymes, Bitcoin price can go up by more than 100% in the next 30-60 days.
Bizniz noted that the next Bitcoin peak could form on Sep. 21, 2021, citing the cryptocurrency’s performances before and after its previous two halving events. The halving is a pre-programmed phenomenon written into Bitcoin’s source code that automatically reduces its new supply rate by half every four years.
After the first halving in 2013, it took Bitcoin prices approximately 326 days to establish a new record high. Meanwhile, following the next halving in 2016, Bitcoin rose to a new peak 526 days later. That shifts the date of Bitcoin’s cycle peak to Sep. 21, 2021, coinciding with the 10-day bullish fractal mentioned above and based on its previous halving in May 2020.
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Meanwhile, Seeking Alpha financial markets contributor, Ariel Santos-Alborna noted that the current Bitcoin cycle is more similar to 2013 than 2016. Back then, the BTC/USD exchange rate topped out at $255 in April, bottomed in July at $66, and then rose to a peak of $1,150 in December.
Similarly, the pair reached almost $65,000 in April, later plunged to around $29,000 in July, and, as Santos-Alborna believed, was heading for a new peak in the next 2021 fiscal quarter.
But the analyst warned traders against setting up their upside targets based on previous price rallies. For instance, a run-up from $66 to $1,150 in 2013 does not mean Bitcoin would rise from $29,000 to, say, $256,000 in 2021.
“Both tops occurred in November and December, respectively, which could insinuate that the trigger for bear markets has more to do with taxes,” explained Santos-Alborna, adding that $88,000-$150,000 is a “more realistic” upside target for Bitcoin in 2021.
The statements come at a time when regulators and governments have increased their scrutiny of the cryptocurrency industry. That includes a recent push by U.S. lawmakers to impose more taxes on the profits made by cryptocurrency investors.