The Bitcoin halving is less than 5 days away. According to historical data, the first-ever cryptocurrency (Bitcoin) is perfectly “mimicking” its previous cycle’s price action.

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A Look Back at the Past Two Bitcoin Halving Cycles

We know that markets are always cyclical, and that history often repeats itself. Of course, some analysts also often warn that past performance is no guarantee of future results.

When it comes to preset halvings for Bitcoin and cryptocurrencies, there have been two halving events so far, what will happen with the third one, and will there be a sell-off? This made everyone curious.

Bitcoin's halving stories are the most bullish things to happen in the cryptocurrency market, but these stories are also often used as hype for news events.

To get a clearer picture of what to expect if history repeats itself, and whether the Bitcoin halving could lead to the next bull run due to a drastic change in supply and demand.

Looking at past data, during the first halving cycle, a week after the halving, the price of Bitcoin fell by 63% from the previous peak, but this was also 485% higher than the lowest level at that time.

In the second cycle, over the course of a week, BTC traded 45% lower than its 2013 peak and 300% higher than its nadir.

This time around, Bitcoin is trading right between the previous two tops, down 54% from the price top, and the past week’s price shows that Bitcoin is exactly in line with the average of the past two halving cycles.

The data at the bottom is slightly different, but this is likely due to diminishing returns with each cycle.

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Bitcoin price rises 6,000% on average after halving

Now that we have an idea of ​​whether Bitcoin price has moved with past cycles, what can we expect if a similar surge occurs after the halving event?

After the first cycle, the Bitcoin price is up 9378% from its low trading price in just one week. In the second cycle, there was a slight retracement after the halving, but in the end, the price of Bitcoin increased by 2872% from the time period after the previous halving, thereby reaching a new peak, which is $ 20,000.

On average, this means that Bitcoin has risen by more than 6000% after the halving.

The original text comes from bitcoinist, compiled by the BluemountainLabs team, the English copyright belongs to the original author, please contact the editor for Chinese reprint.

The original text comes from bitcoinist, compiled by the BluemountainLabs team, the English copyright belongs to the original author, please contact the editor for Chinese reprint.