Where will Bitcoin Peak during this next Cycle?
History doesn't often repeat exactly, but it sure likes to rhyme
With the halving now only about 34 days away, it's time to look at where we will be heading.
I say "will be heading" like it's a forgone conclusion, it's not, but hopefully it repeats at least a little what it has done in the past.
Using a cycle high point for the last two post halving rallies we get a chart that looks like this:
If bitcoin does what it did either of the first two halvings, this chart would imply it would peak out somewhere between $800k and $300k.
Not sure about you, but that would sure work for me!
Though I am personally suspecting the peak will be closer to $100k or so, due to 'the law of large numbers' starting to get in the way...
Something else that is quite interesting...
The above charts are nice and all but there are also some other stats that are encouraging heading into this halving.
One specifically that stands out is the number of bitcoin whale addresses...
They are increasing to a level not seen in an accumulation phase since 2016:
So, whale wallets at 2 year highs and at levels not seen in an accumulation phase since 2016, which just so happened to be the same type of setup we saw right around the last halving...
Just so happened to also be the time period when bitcoin went on one of its largest bull markets ever.
There is telling whether history will repeat here or not, but we do have quite a few arrows in our quiver.
I'm liking how things are shaping up here folks for a massive 2nd half of 2020 and early 2021.
Now, we just need altcoins to join in on the party as well!
Stay informed my friends.