While Bitcoin'south (BTC) price has slipped by more than 8.2% after rising to $42,230, the 43.5% rally included 10 consecutive days of gains. But despite BTC currently trading at around $39,700 as of Monda, some analysts anticipate that information technology tin can ascent by another 100%.

Nunya Bizniz, an independent market analyst, posted the bullish setup on Lord's day, noting that each of the cryptocurrency's previous ten-twenty-four hour period balderdash runs has ended up doubling its prices at a later stage.

Therefore, if history repeats or rhymes, Bitcoin's price can go up by more than 100% in the next 30–60 days.

Bitcoin and its bull runs after 10 consecutive green closes. Source: Nunya Bizniz

Bizniz noted that the next Bitcoin height could form on Sept. 21, 2021, citing the cryptocurrency's performances before and after its previous two halving events. The halving is a pre-programmed phenomenon written into Bitcoin's source code that automatically reduces its new supply rate by half every 4 years.

After the first halving in 2013, information technology took Bitcoin prices approximately 326 days to establish a new tape high. Meanwhile, following the next halving in 2016, Bitcoin rose to a new peak 526 days afterward. That shifts the date of Bitcoin's cycle acme to Sept. 21, 2021, congruent with the ten-solar day bullish fractal mentioned above and based on its previous halving in May 2020.

Bitcoin could hitting vi figures in Q4

Meanwhile, Seeking Alpha financial markets contributor Ariel Santos-Alborna noted that the current Bitcoin cycle is more similar to 2013 than 2016. Back then, the BTC/USD exchange rate topped out at $255 in April, bottomed in July at $66, and then rose to a peak of $1,150 in December.

Similarly, the pair reached about $65,000 in April, later on plunged to around $29,000 in July, and, every bit Santos-Alborna believed, was heading for a new peak in the adjacent 2021 fiscal quarter.

Related: BTC price sees vi% correction in dissimilarity to booming Bitcoin on-concatenation data

But the analyst warned traders against setting up their upside targets based on previous price rallies. For instance, a run-up from $66 to $i,150 in 2013 does not hateful Bitcoin volition rise from $29,000 to, say, $256,000 in 2021.

Bitcoin remains rangebound between $29K and $42K since April 2021. Source: TradingView

"Both tops occurred in November and Dec, respectively, which could insinuate that the trigger for bear markets has more than to do with taxes," explained Santos-Alborna, adding that $88,000–$150,000 is a "more realistic" upside target for Bitcoin in 2021.

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

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