Plenty of speculations are already out there regarding the new all-time high that Bitcoin might hit throughout its new bullish cycle.
One of them is particularly positive, using the historical performance of BTC during the last major bull run as a reference.
Bitcoin to $400K in Next Bull Run
According to a popular industry expert going by the Twitter handle Tytan Inc., Bitcoin is poised to chart similar gains as it did back in 2016-2017.
In the first chart that he shared, he outlined that the price has gone through a similar pattern and is on the verge of breaking out.
He also showed the overall percentage increase of BTC since the event took place until the previous all-time high of around $20,000 from December 2017. At that time, the price surged by a total of 3415%.
Given that BTC currently trades at around $11,400, a similar increase would mean that the price would reach $400,000. This would also put Bitcoin’s total market cap at around $7.3 trillion.
The chartist outlined that Bitcoin broke out of a bullish pennant around September 2016, and it just did the same thing following the latest increases.
Time Frame: 2022
According to the expert, when this pattern was broken in 2016, it took about one year and three months for the price to increase by a whopping 3415%.
Should history repeat itself, Bitcoin should reach a price of $400,000 in late 2021 or at the beginning of 20222.
This is not the first time someone has been so bullish on BTC. As CryptoPotato reported earlier, another prominent analyst going by the handle of CryptoBull said that the cryptocurrency might “moon” to $430,000 by late 2021.
Again, he based his assessment on previous performance, taking into account how BTC did in 2013 and in mid-2016.