Market intelligence firm IntoTheBlock has given a reasonable Bitcoin price target, citing the asset’s historic cyclical performance amid the rally above $100,000.
Bitcoin’s surge past the $100,000 price mark has elated the crypto community. After an unsuccessful initial attempt, the pioneering digital asset trounced the six-figure level on Thursday.
With the bounce, market speculators now expect higher prices. As bullish sentiments swell, targets like $150,000, $250,000, and even $1 million have emerged for the premier asset.
Meanwhile, seasoned intelligence firm IntoTheBlock has given a sneak peek of what to expect from Bitcoin after the $100,000 breach. In a recent analysis, the firm predicted that Bitcoin’s realistic top could sit between $130,000 and $190,000.
IntoTheBlock Predicts Bitcoin’s Reasonable Top
The firm lauded Bitcoin’s boundless potential in a tweet today, noting that its limited supply and growing institutional adoption will ensure a continued price upswing. Further, it recalled Bitcoin’s performance during its cyclical upsurges.
The commentary emphasized that Bitcoin has always posted lower gain percentages in each bull cycle compared to the previous one. For context, Bitcoin recorded a 7,900% upswing in 2013, 2,560% in 2017, and 594% in 2021.
IntoTheBlock inferred that the capital required to maintain the upside increases as Bitcoin’s price surges. Hence, calls for an uptick to $1 million this cycle, which would see Bitcoin attain a market cap of $19.7 trillion, might be unreasonable.
Given the diminishing returns on Bitcoin’s cyclical performance, the analytical firm stated that a 100-200% surge for Bitcoin post-halving is a “reasonable expectation.” As a result, IntoTheBlock speculates further upswings to between $130,000 and $190,000.
Exception for Bitcoin Surge Past Top
Meanwhile, IntoTheBlock stated that Bitcoin would push past its predicted top on account of a super bullish occurrence. Per the commentary, the creation of a US Bitcoin reserve would catalyze a surge past its $190,000 top prediction.
Discussions around a strategic reserve for Bitcoin has gained momentum in the US following Donald Trump’s win. He and Senator Cynthia Lummis teased the idea during an appearance at the Nashville Bitcoin conference in July.
Although Trump has not made any related comments since the election win, Lummis has incessantly fronted the idea. Having proposed the bill, the pro-crypto senator has repeatedly insisted that it would come to fruition soon.
Amid this prospect, IntoTheBlock insisted that the creation of the US stockpile would be the only factor driving Bitcoin higher than its call. In the meantime, Bitcoin trades at $102,889, up 6% in the past 24 hours.
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