Bitcoin will make history by reaching USD 340K if it surpasses gains of 2,100% from the previous cycle
For Bitcoin to reach USD 340,000 in this cycle is "very difficult," but over the last five years, BTC has already won the game in terms of macroeconomic profitability, studies show.
Bitcoin (BTC) will make history if its price triples before the current bullish cycle ends.
In a post on X on Monday, macro trader and investor Jason Pizzino wondered if the BTC/USD pair could surpass the gains of its previous cycle, which were nearly 2,100%.
Bitcoin at USD 340,000 in this cycle: "a very ambitious request"
Bitcoin has already risen 700% from its low of USD 15,600 in the 2022 bear market, but those gains remain relatively modest in historical terms.
In percentage terms, BTC's price evolution has a long way to go to even match its previous bullish market.
Between 2019 and 2021, the BTC/USD pair achieved maximum gains of 2,089%. Doing the same, says Pizzino, is "very difficult": the price would have to reach the gigantic figure of USD 340,000.
"If Bitcoin reaches USD 340,000 in this cycle, it would be the first time in its 16-year history that it would achieve a higher return than the previous cycle. It is very difficult, but many wonder if it is possible," he wrote.
"This represents a market capitalization of USD 6.7 trillion, less than a third of the gold market capitalization, which is around USD 23 trillion, placing BTC as the second most valuable asset in the world, behind gold".
