Bitcoin Sold $8K Last Halving, Soared 721% After: Will History Repeat?

  • Michael Saylor called attention to the $8K price Bitcoin sold during 2020 halving.
  • In this year’s halving event, Bitcoin registered an intraday low of $59,651.
  • If Bitcoin replicates the 721% post-2020 rally in this cycle, it could reach $489K by next year.

Renowned Bitcoin bull Michael Saylor, chairman of MicroStrategy, has called attention to the price Bitcoin sold when it underwent its third halving cycle. In a recent post on X, Saylor highlighted that Bitcoin traded at $8,618 on May 11, 2020, when it halved. This spotlight comes amid Bitcoin undergoing its fourth halving cycle yesterday night, April 19.

Notably, Saylor sought to draw public attention to how high Bitcoin has grown since May 2020 amid the emergence of the new event to give investors confidence in the asset considering recent market bearish volatility.

As the Bitcoin bull rightly pointed out, Bitcoin opened for trading on May 11, four years ago, at $8,755.54. Despite dipping to a low of $8,374 that day, it subsequently surged to an intraday high of $9,033.

Meanwhile, Bitcoin remained below $10K in the months following the halving. It stayed within that range for five months until a burst in late October. By January 2021, eight months post-halving, BTC had surged threefold, breaching the $30,000 mark for the first time.

The upward momentum persisted as Bitcoin surpassed $60K by April 2021. However, it faced a downturn this month, returning to the $30K range in May, marking a year since the halving.

Significantly, from October 31, 2020, when BTC surpassed $14K again, to April 14, 2021, when it peaked at $64,863 before undergoing a substantial correction, the asset experienced a remarkable growth of 363%.

Upon recommencing the bull rally, Bitcoin peaked at $68,789 on November 10, 2021, marking a 721.46% surge from its low of $8,374 on the 2020 halving.

For this year,  Bitcoin registered an intraday low of $59,651 on April 19, coinciding with the 2024 halving event. Saylor’s emphasis on Bitcoin’s $8K range of 2020 implies his anticipation of a historical recurrence, where Bitcoin could potentially surpass several new highs following a halving event.

If Bitcoin replicates the 721.46% post-2020 rally in this cycle, it could reach a value exceeding $489K by next year.

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