Since the beginning of the Bitcoin bull market, a discussion that has never left the crypto community is when the next bull rally will begin and whether it would follow the previously established trend around the halving events. To that end, a crypto analyst, Lark Davis, has taken to X (formerly Twitter) to share his prediction around the next bull market.
What can happen if history repeats itself
All previous Bitcoin bull markets have always started after the BTC halving event, which halves the block rewards. This time, however, there were differing opinions on the digital asset’s tendency to retrace this established trend due to anomalies in various Bitcoin metrics. But Davis has shared a possible scenario for BTC if the bull market starts up again after the rally.
In the chart shared by the analyst on X, he indicates a long period of accumulation. This is when investors pack their bags with BTC, as this is possibly the lowest price the digital asset would get during the bear market.
BTC could reach $180,000 if the bull market follows halving cycle | Source: Lark Davis on X
Next comes the Bitcoin halving event, with the price of Bitcoin and other cryptocurrencies in the market starting to gain momentum. This is when the bull market starts to take shape, leading to the next part of the trend, which is when prices explode.
In Davis’s post, he shows that the price of the digital asset can reach $180,000 during this period. If the cryptocurrency hits this price mark, it would mean that the price of BTC would almost triple from its current all-time high of $69,000.
How this can happen for Bitcoin
As clarified by the analyst in his X post, this would mean that BTC should fully follow the trends of the previous bull cycles. This would mean that the bottom could probably be reached in early 2024, but it would also be the same year for the start of the bull run.
Even if Bitcoin follows this trend, it would not always be up-only for the market. It would mean that the bull market would peak sometime in 2025 and then there would likely be a market crash that would send BTC into a spiral the following year. As Davis points out, the digital asset could drop 70% to hit $50,000 again.
But even with the obvious bear market following this trend, it’s still an incredibly bullish scenario for Bitcoin and the crypto market in general. The bull market would last about a year, according to historical data, giving investors ample opportunity to make the most of the market.
The next Bitcoin halving is expected to take place in April 2024, and if history is anything to go by, it’s around when the bull market is expected to begin again.
BTC price adds $300 | Source: BTCUSD on Tradingview.com