KEY POINTS

  • The first two halvings accelerated Bitcoin's price by 5,333%
  • The same 5,333%, when applied to the second and third halving, would equate to a $33K BTC
  • Bitcoin needs to push the pace to 267% in the next four months to reach CryptoBull's prediction

At $2 shy from reaching $9,000 on Thursday, Bitcoin settled at $8,905 as of press time, but beyond that $9,000 psychological level are more price targets for BTC.

Yesterday, a trendline on a log chart that price should break to see a 1,000% surge was the highlight. And another prediction posits none other than the "halving" to drive a Bitcoin rally to $33,000 by July.

CryptoBull on Twitter put forward some key observations on the price of the popular crypto and the drastic effects of two previous halving events to it. The trader tweeted to his 149K followers on Wednesday, "Bitcoin ROI from 1st halving to 2nd halving: 5,333%. We are currently up 1,338% since the 2nd halving. 5,333% from 2nd to 3rd halving gets us to $34,838. Less than 4 months to go. $33k by July secured."

What CryptoBull is trying to point out is that the first two halvings garnered 5,333% price acceleration for BTC. The first halving that occurred on Nov. 28, 2012, after the first 210,000 blocks were mined, didn't immediately take Bitcoin's price to stratospheric values. 

It was only after two months that BTC started its climb all the way to near $260. But as Ali Martinez of CryptoSlate brings up, BTC also rose 500% from $2 to $12 in anticipation of the first halving.

The second halving transpired on July 9, 2016, and has seen BTC's price top at $20,000 in 2017. But before seeing it skyrocket to that peak, it traded from $164 (its lowest point from reaching $1163 in late 2013) to a high of $778, according to Bitstamp prices.

Now, CryptoBull's observation regards the same thing happening before this year's halving, which is estimated to be on May 12, in that if the same 5,333% acceleration from the first two halvings were applied to the second and third halving, BTC would be at $33,000 by July.

Bitcoin's price $33,000 in July? Bitcoin's price $33,000 in July? Photo: TradingView

At today's price of close to $9,000, Bitcoin would have to turn up a notch and jump to about 267% in the next four months for it to reach that value. Now, the question is this: is that possible? Emilio Janus, who writes for Bitcoinist, thinks so, and he notes that the crypto market has seen BTC explode to 400% in three months leading up to its 2017 apex.

bitcoin-2902690_640 New blockchain-based marketplaces could give individuals control over access to their encrypted DNA data, and the ability to sell it to research companies for their own profit. Photo: Pixabay