Bitcoin Could Hit $1.7M This Year If It Follows the Halving Cycle, Glassnode Data Suggests

The FTX collapse may seem like a distant memory, when bitcoin (BTC) fell to around $15,500 in November 2022. The sentiment during the period was extreme fear

Bitcoin (BTC) price action has been a hot topic of discussion in recent months, especially in light of the FTX collapse. As bitcoin fiyatı continues to rally, reaching new highs, many are wondering how far it can go and what might influence its future trajectory.

One interesting perspective is to examine the bitcoin cycle in the context of U.S. presidential administrations. While the impact of politics on crypto is often debated, some觀察者 have pointed out striking correlations between the two.

According to a post on X by Bitcoin Archive, an entity that collects and shares bitcoin-related data, bitcoin experienced an impressive 20x gain during Donald Trump's first term as president. This occurred despite Trump's administration largely ignoring crypto and even making some negative statements about the asset class.

The post suggests that if bitcoin were to achieve a more modest 10x gain during Trump's second term, it would propel the leading cryptocurrency to a price of around $1 million.

This calculation is based on bitcoin's price at the beginning of Trump's first term, which was around $10,000, and the assumption that bitcoin would reach 10 times that amount by the end of his second term. It is worth noting that such projections are highly speculative and influenced by various factors.

While there is no guarantee that bitcoin will continue to rise at the same rate or follow a specific trajectory, the觀察ations about bitcoin's performance during Trump's first term and the potential implications for his second term are certainly intriguing and provide a unique lens through which to view the broader crypto landscape.