Block reward half events have generated hype

CryptoBull analysts believe Bitcoin will reach $ 33,000 by July. His arguments are based on analyzing the historical evolution of Bitcoin based on ROI (return-of-investment).

CryptoBull has taken into account price developments based on block reward half events. He stressed that between the first halving in November 2012 and the second in September 2016, the BTC price increased by 5333%.

Block Rewards Half Events

Applying this formula means that the price of bitcoin should reach $ 33,000 by July this year.

“@CryptoBull
Bitcoin ROI from first halving to second halving: 5333%.
We are currently up 1338% from the second halving.
5333% from second halving to third halving is $ 34,838.
There are less than 4 months.
We’ll reach $ 33k by July. ”

The analyzes do not take into account the price evolution between the Genesis block and the first halving, although the initial value of the BTC was zero.

Based on the formula proposed by CryptoBull, the BTC price at this time should be $ 9350. At the last halving in September 2016, Bitcoin was worth about $ 650.

How much is it possible for Bitcoin to cover the difference in ROI over the next four months?
Given that the current price is around $ 8,900, to reach the target of $ 34,680 BTC should increase by 300%.

Last year, BTC rose 200% in four months, from $ 4,000 to $ 12,000. Moreover, in 2017, during the period September-December, the BTC increased from $ 4,000 to $ 20,000. This represents an increase of 400% in just three months. Therefore, an increase of 300% in such a short period is not impossible.

In addition, the cryptocurrency price increase generally manifests after the block reward reduction occurs. Therefore, a $ 33,000 Bitcoin in July seems to be an attainable target.

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