While Bitcoin's (BTC) price has slipped by more than eight.2% after rising to $42,230, the 43.5% rally included 10 consecutive days of gains. But despite BTC currently trading at around $39,700 equally of Monda, some analysts anticipate that it can rise by another 100%.

Nunya Bizniz, an independent market place analyst, posted the bullish setup on Sunday, noting that each of the cryptocurrency's previous x-solar day bull runs has ended up doubling its prices at a afterwards stage.

Therefore, if history repeats or rhymes, Bitcoin's toll tin can go up by more than than 100% in the next thirty–60 days.

Bitcoin and its bull runs afterwards 10 consecutive greenish closes. Source: Nunya Bizniz

Bizniz noted that the adjacent Bitcoin peak could form on Sept. 21, 2022, citing the cryptocurrency's performances before and subsequently its previous two halving events. The halving is a pre-programmed miracle written into Bitcoin'due south source code that automatically reduces its new supply rate by one-half every four years.

After the first halving in 2022, it took Bitcoin prices approximately 326 days to establish a new record high. Meanwhile, following the side by side halving in 2022, Bitcoin rose to a new peak 526 days later. That shifts the engagement of Bitcoin'south cycle peak to Sept. 21, 2022, coinciding with the 10-24-hour interval bullish fractal mentioned above and based on its previous halving in May 2022.

Bitcoin could hit 6 figures in Q4

Meanwhile, Seeking Alpha fiscal markets contributor Ariel Santos-Alborna noted that the current Bitcoin cycle is more like to 2022 than 2022. Back then, the BTC/USD exchange rate topped out at $255 in April, bottomed in July at $66, so rose to a meridian of $ane,150 in December.

Similarly, the pair reached most $65,000 in Apr, afterwards plunged to around $29,000 in July, and, as Santos-Alborna believed, was heading for a new superlative in the adjacent 2022 fiscal quarter.

Related: BTC toll sees 6% correction in contrast to booming Bitcoin on-chain data

Simply the analyst warned traders against setting upward their upside targets based on previous price rallies. For instance, a run-up from $66 to $ane,150 in 2022 does not hateful Bitcoin will rise from $29,000 to, say, $256,000 in 2022.

Bitcoin remains rangebound between $29K and $42K since April 2022. Source: TradingView

"Both tops occurred in November and December, respectively, which could allude that the trigger for behave markets has more to do with taxes," explained Santos-Alborna, adding that $88,000–$150,000 is a "more realistic" upside target for Bitcoin in 2022.

The statements come up at a time when regulators and governments have increased their scrutiny of the cryptocurrency industry. That includes a recent push by United States lawmakers to impose more taxes on the profits made by cryptocurrency investors.

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