I made a mistake in calculating the top price per cycle. I should've used the diminished marginality concept but didn't. Instead, I used fixed x16 for the target. It should've been x36->x18->x9->x4.5-> and so on. . Hence, the calculation should've been as follows : 1.The 1st top before 1st halving was $32. 2.The top after 1st halving cycle(2013) was $1163. (1163/32 = x36 ratio) 3.The top after 2nd halving cycle(2017) was $19892 (19892/1163 = x17-18 ratio) 4.The top after 3rd halving cycle(2021) is not yet known. However, if we apply the same logic, it will be approximately 180K(= 19892*9) 5. The top after 4th halving cycle(2025) will be 810K(= 180k*4.5) 6. The top after 5th halving cycle(2029) will be 1820K(=810k*2.25) 7. The top after 6th halving cycle(2032) will be 2045K (THIS IS THE TOP)