post-title Bitcoin mirrors gains of past halvings, suggesting $41K price in 2020

Bitcoin mirrors gains of past halvings, suggesting $41K price in 2020

Bitcoin mirrors gains of past halvings, suggesting $41K price in 2020
Cryptocurrencies News

Bitcoin (BTC) is charting its way directly between the previous two block subsidy halvings that sent its price an order of magnitude higher.

In a tweet on Sept. 2, PlanB, creator of the stock-to-flow (S2F) BTC price models, told investors to be “patient” when it comes to price appreciation.

Bitcoin price remains on track four months after halving

Despite bouncing near $11,000 support on Wednesday, Bitcoin has performed exactly as expected on monthly timeframes since its last halving event in May.

Reluctance to break and secure $12,000 as support has characterized price action since, but progress on the monthly chart is plain to see.

“Reminder: we are still early, only 4 months after #bitcoin 2020 halving, nicely between 2012 and 2016 paths,” PlanB commented. 

“Patience is a virtue.”

An accompanying comparative price index chart showed Bitcoin in 2020 adding gains which are between those of 2012 and 2016.

As such, BTC/USD remains firmly within the range of possibility for increasing by an order of magnitude once again. According to S2F, this should see a price target of $288,000 in the current halving cycle, which ends in 2024.

Bitcoin price post-halving comparison

Bitcoin price post-halving comparison. Source: PlanB/ Twitter

$41,000 end-of-year BTC price target appears

Over the weekend, meanwhile, another chart painted an even more bullish outlook for Bitcoin. 

Taking May’s halving as a starting point, data analysis resource ecoinometrics produced a price target for $41,000 for the end of this year.

“Looking solid,” the firm said on Twitter, adding that $100,000 should appear by April 18, 2021.

Bitcoin price forecast post 2020 halving

Bitcoin price forecast post 2020 halving. Source: ecoinometrics/ Twitter

The targets were compiled using average growth after Bitcoin’s previous halvings.

Meanwhile, short-term changes in network sentiment have not contributed to a change in long-term outlook. These include a spike in outflows from mining pools indicative of selling activity this week, data from on-chain monitoring resource CryptoQuant showed.

Chinese mining pool Poolin saw outflows of 490 BTC, the majority of the activity.

About Juan Rodulfo

Defined by Nature: Planet Earth Habitant, Human, Son of Eladio Rodulfo & Briceida Moya, Brother of Gabriela, Gustavo & Katiuska, Father of Gabriel & Sofia; Defined by the Society: Venezuelan Citizen (Human Rights Limited by default), Friend of many, Enemy of few, Neighbor, Student/Teacher/Student, Worker/Supervisor/Manager/Leader/Worker, Husband of Katty/ Ex-Husband of K/Husband of Yohana; Defined by the US Immigration System: Legal Alien; Defined by the Gig Economy: Independent Contractor Form 1099; Studies in classroom: Master Degree in Human Resources Management, English, Chinese Mandarin; Studies at the real world: Human Behavior; Studies at home: Webmaster SEO, Graphic Web Apps Design, Internet & Social Media Marketing, Video Production, You Tube Branding, Trading, Import-Exports, Affiliate Marketing, Cooking, Laundry, Home Cleaning; Work experience: Public-Private-Entrepreneur Sectors; Other Definitions: Bitcoin Evangelist, Human Rights Peace and Love Advocate. Author of: Why Maslow: How to use his theory to stay in Power Forever (EN/SP); Asylum Seekers (EN/SP); Manual for Gorillas: 9 Rules to be the “Fer-pect” Dictator (EN/SP); Why you must Play the Lottery (EN/SP); Para Español Oprima #2: Speaking Spanish in Times of Xenophobia (EN/SP). Social Media profiles: Twitter/FB/Instagram/VK/Linkedin/Sina Weibo: @rodulfox
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