In the crypto community, various scenarios are being painted for Bitcoin: some analysts expect a decline, while others anticipate growth. While investors eagerly await growth, a CryptoQuant analyst announced a possible date range for Bitcoin to reach a new all-time high (ATH), comparing previous halving cycles.
Claiming that BTC could exceed its previous ATH of $69,000, the analyst indicated that a new historical peak is possible in 2025. Looking at previous halving cycles, the analyst highlighted that the first occurred on November 28, 2012, and a year before the halving, Bitcoin's price was $2.48. One year after the halving, Bitcoin's price rose to $1,131.
Bitcoin dropped to $269 before the second halving, but then it increased to $650 during the halving and reached an impressive $2,518 approximately one year after the halving.
The cycle repeated in the third halving, and before that, Bitcoin dropped to $7,255. It then slightly increased to $8,762 during the halving reward cut and significantly rose to $56,615 one year after the halving.
The current cycle anticipates the fourth halving to occur in April 2024. In April 2023, Bitcoin rose to $31,000. Looking at the historical cycle data, it seems there is a high likelihood that Bitcoin will experience significant growth after the fourth halving.
At this point, if history repeats for Bitcoin, which experienced colossal growth one year after the halving, it is expected that the growth will potentially continue until April–August 2025 and exceed the previous high of $69,000.
Finally, the analyst points out that the main takeaway from the halving cycles is that Bitcoin's price significantly increases with each halving and starts to gradually rise a year before the halving and continues for 12–16 months after the halving, reaching new highs before entering a bear phase.
Currently, the analyst stated that Bitcoin will reach its peak between April and August 2025 in the current cycle, and its previous historical high will exceed $69,000.
Lastly, the analyst recommended that after April–August 2025, investors should slowly start selling and exit the market.
Peter Schiff: Bitcoin Could Reach $10 Million Under Certain Economic ConditionsAlso, renowned economist and gold advocate Peter Schiff recently shared his speculative thoughts on Bitcoin's potential future, suggesting that the cryptocurrency could reach $10 million under certain economic conditions.
Hearing such statements from a well-known Bitcoin critic is indeed interesting. However, there's another perspective to consider in the details. It must be acknowledged that Schiff's statement is entirely hypothetical, representing an extreme and speculative viewpoint. Moreover, expecting such a development to occur would be purely fantastical.
Selective Optimism: Comparing Bitcoin and GoldIn a broader discussion about the comparative efficacy of Bitcoin versus gold, Schiff highlighted a common trend among Bitcoin proponents. Regardless of Bitcoin's price fluctuations, its supporters often compare it to the growth of gold.
Schiff illustrated this viewpoint with a hypothetical scenario. Even if by 2031 Bitcoin's value drops to $100 and gold's value rises to $10,000, Bitcoin enthusiasts could still highlight that the cryptocurrency's value increased 100-fold over 20 years, comparing it to a fivefold increase in gold.
Schiff has consistently expressed his skepticism about the real value of Bitcoin and related investment instruments, including Bitcoin ETFs. He characterizes Bitcoin as lacking intrinsic value, supported only by collective belief and limited supply. He also criticized the coverage of Bitcoin ETFs in leading media, pointing out a change in analysts' views. Schiff noted that many who now caution against these ETFs did not express similar concerns before their launch and warned investors in various spot Bitcoin ETFs about potential significant losses.
The Intersection of Belief and Real Value in CryptocurrencyWhile Schiff continues to voice his doubts about Bitcoin, the cryptocurrency ecosystem remains a dynamic space where faith and value intertwine. Schiff's hypothetical $10 million scenario adds a layer of speculation to the ongoing debates about Bitcoin's potential trajectory.
In conclusion, Peter Schiff's statements provide insight into the ongoing discussions about the real value of Bitcoin and its comparison to traditional assets like gold.
As the cryptocurrency world evolves, the intersection of beliefs, economic scenarios, and real events will continue to shape narratives about the future of cryptocurrencies.