Bitcoin still on track to hit $180,000 before the end of this year

Bitcoin still on track to hit $180,000 before the end of this year

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I’m sure lots of people here are familiar with the Bitcoin Rainbow Chart (a logarithmic chart of the price of Bitcoin), but just in case, I’m here to give y’all a big heaping helping of hopium today.

Here’s a shot of the Rainbow Chart as it is today:

Bitcoin Rainbow Chart. A logarithmic scale of the price of Bitcoin, showing the halving events.

In 2017, the price of Bitcoin peaked at the end of the year (mid-December) around $19k. This was following a massive, lightning-fast bullrun that is now the stuff of legend around here. The FOMO of that year has made many of us crypto enthusiasts who we are, quite honestly.

Here is that peak highlighted on the Rainbow chart:

Bitcoin’s peak in December 2017. Not quite halfway between halvings.

But let’s back up a little. Where was Bitcoin in, say, mid-October of 2017?

The price of Bitcoin on October 12, 2017 was $5,600.

This means that from mid-October to mid-December of 2017, Bitcoin skyrocketed from $5,600 to over $19,000. That’s a growth of 343% in 2 months. That’s a fucking rocket if I’ve ever seen one.

Now, let’s extrapolate.

Ignoring for a moment the sheer amount of money that would be required to be injected into Bitcoin in order to move the price this much, let’s just speculate for a second.

If Bitcoin followed the same trajectory from now until mid-December that it did during the same period in 2017, it will be…

One hundred and eighty one god damn thousand dollars.

That’s right. Let that sink in.

You don’t even need the comforting colors of the rainbow to tell you this. Bitcoin’s price today ($57,600) plus a growth of 343%, is even higher than that estimate, at $197,500.

The reason this has become eerily predictable is because of the halvings. If you don’t know what a Bitcoin halving event is, you can read more about it here.

Now, of course, this means a tripled marketcap as well. Can the marketcap for Bitcoin really reach $3 trillion? Depends on who you ask. Myself and many others believe that is likely still small peanuts when we’re talking about a global digital currency being adopted in increasing measure around the world. We’re still pretty early.

Enjoy the hopium, and may blessings be upon us all in Q4 2021. 🙏

submitted by /u/darwinlovestrees
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