Bitcoin’s Wild Ride: Will It Hit $1M or Just Keep Trolling Us?

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What to know:

  • Bitcoin is currently up a whopping 550% from the cycle lows during the FTX fiasco. Talk about a comeback! 🎉
  • If Bitcoin keeps playing nice and follows its 2017 cycle, we might just see it at a jaw-dropping $186,000 by the end of Q1 and over $1 million by year-end. Can you believe it? 💰

Ah, the FTX collapse! A tale as old as time, or at least as old as last November when Bitcoin plummeted to a measly $15,500. The mood was so gloomy, you could practically hear the violins playing in the background. 🎻

Fast forward two years, and here we are, Bitcoin strutting around at over $100,000, all thanks to a new, supposedly crypto-loving U.S. administration. And guess what? Donald Trump is now the 47th President! But shhh, he hasn’t spilled the beans on any crypto policies yet. 🤫

Now, let’s dive into the magical world of four-year cycles! It’s like a rollercoaster ride, but instead of screaming, we’re just watching the price skyrocket after each halving. 🎢 This current cycle is playing out like a well-rehearsed script from the previous two cycles.

So far, Bitcoin has bounced back like a rubber ball, up around 550% from the FTX lows (that black line on the chart). If we peek back to the 2015-2018 cycles, Bitcoin’s price (the blue line) was also up a similar amount from its cycle low back in January 2015. Coincidence? I think not! 🧐

But hold your horses! Glassnode data takes the closing price at 00:00 UTC, which might not match what your favorite trading platform is showing. Just a little heads-up! 🕛

Now, the green line shows us that during the 2018-2022 cycle, Bitcoin was up a staggering 1,300% at this point. Double the fun compared to our current ride! 🎈

If Bitcoin decides to keep following the 2015-2018 script, we could see it finish around 1,100% higher from the cycle low by the end of Q1 2025, landing at a cool $186,000. And the grand finale? A peak around October this year at a mind-boggling 11,000% higher, putting a cycle top at about $1.7 million. Can you even? 🤯

And let’s not forget the presidential connection! According to a cheeky post on X by Bitcoin Archive, Bitcoin skyrocketed 20x during Trump’s first term. If it just decides to return to a measly 10x, we’re looking at a cool million bucks! 🤑

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2025-01-21 15:00