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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.