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

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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. 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. Source: PlanB/ TwitterOver 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. Source: ecoinometrics/ TwitterThe 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.


All data is taken from the source: https://cointelegraph.com/
Article Link: https://cointelegraph.com/news/bitcoin-mirrors-gains-of-past-halvings-suggesting-41k-price-in-2020


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