Bitcoin could soon start a bull run based on past price movements. Ali Martinez, a well-known cryptocurrency analyst, stated in a post that Bitcoin increased in value by 61% in Q4 2016 and 171% in 2020. Ali stated that, based on past price movements, BTC could start a bull run in the near future. The popular analyst made some impressive comments about Bitcoin.
If history repeats itself, we could see a BTC bull run
Bitcoin has increased its gains by 10% over the past week, fueled by a major interest rate cut by the US Federal Reserve. BTC reached $64,700 after a six-day rally. At the time of writing, the leading cryptocurrency is trading at $63,561, up 1.28% over the past 24 hours.
Bitcoin had its fourth halving in April this year, and the reward earned by miners was reduced from 6.25 BTC to 3,125 BTC. Bitcoin prices entered an uptrend after the halvings in 2012, 2016, and 2020, increasing 93x, 30x, and 8x from the halving day price to the cycle peak, respectively.
BTC peaked in mid-cycles in 2016 and 2020, followed by several months of sideways trading before moving higher in the final months of the year. The leading cryptocurrency fell more than 40% from its mid-cycle peak in June 2016 before recovering in December of that year. In 2020, Bitcoin fell nearly 21% from its August peak before reaching a new high in late October 2020.
