• Past bitcoin spikes have run about a year and reached 5x Metcalfe Value that puts BTC at $50,000
  • Analyst GravityWave, taking diminishing returns for each new cycle and increasing cycle length into account has BTC at $250k

After going through the brutal crypto winter in 2018, Bitcoin is enjoying a rally that has us seeing 186 percent returns in 2019 till date, out of which 168 percent was registered in the past 90 days.

Recently, we broke through the $10,000 level and now looking to making a new high in 2019. At the time of writing, the leading cryptocurrency by market capitalization of $189 billion, BTC/USD has been trading at $10,667 with 24 hours loss of 4.25 percent as it drops from the 2019 high established yesterday at $11,200.

Bitcoin seems to have started its fourth bull cycle given the fact we have risen more than 239 percent from the yearly low of $3,150 in 2018 that was the Bitcoin bottom.

We are also less than a year away from the Bitcoin reward halving event that is scheduled for May 2020.

A historically bullish event, this one will reduce the coin reward from 12.5 coins to 6.25 BTC. With only 3,224,550 BTC left to be mined as 17,775,450 are already minted and in circulation, from this event onwards the annual Bitcoin inflation rate will drop down to 1.80% from the current 3.77%.

These halvings that occur every 210,000 blocks that is every four years has the Bitcoin price going parabolic and this is exactly what will take Bitcoin price to $250,000 before 2023 says analyst GravityWave.

This further takes into account the diminishing returns by Bitcoin in each of its cycles. In 2011, we registered the return of 318,864% which came down in 2017 to 58,474%. Then in 2017, we surged only 11,960% and made an all-time high.

This time as well, we would see an increasing cycle length with a lower percentage return but a new peak for BTC.

The analyst further states, “I also did some back-of-the-envelope extrapolations for stock-to-flow price overshoot, which seems to support such a price maximum.”

Analyst planB who is known for his stock-to-flow approach, recently shared how Bitcoin production is going towards zero, “implying infinite value.” And after three more halvings in year 2020, 2024, and 2028, Bitcoin market value could go as high as $100 trillion.

For this cycle’s peak, 2020 is seen as the year that will have us to a new ATH. Crypto analyst that goes by Cane Island Crypto on twitter shared how the past bitcoin spikes have run a year, regardless of cause and reached the 5 times of Metcalfe value. This he says puts bitcoin price at $50,000.

The peak target may vary but the next year is going to be a crazy year for Bitcoin that has already embarked on this journey.

The views and opinions expressed in the article The Simple Case for a $250,000 Bitcoin Price Before 2023 do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.

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