Three new metrics for Bitcoin (BTC) are high, though the $ 10,000 this week is out of reach for the BTC / USD pair.
As Timothy Peterson of Cane Island Alternative Advisors announced on May 21, The main cryptocurrency was still very optimistic due to the three metrics he personally used.
200-day moving average, Metcalfe and future lowest price
“I’m tracking 3 # bitcoin metrics: Metcalfe, lowest futures price and 200 day moving average”wrote in Twitter.
April 29 was only the fourth time in history that they came together. The previous three was followed by a significant upward trend in price.
The above convergence that chased the basket a few years ago occurred just before the Bitcoin bull run that started in April 2019.
As Cointelegraph reported The 200-day moving average has often played a role in determining long-term support and resistance levels for the price. It is currently around $ 8,000.
Bitcoin’s Metcalfe is a more complex quantum calculation, something Peterson has written a special guide for because of its impact.
“The Bitcoin Prize provides transparent insight into Metcalfe’s law at work.”, summarized at the time.
Meanwhile, The lowest forward rate, formerly known as “never look back”, predicts a minimum value for BTC / USD on a specific date. In April Peterson he showed that the value for December 31, 2020 was $ 10,400, which is identical to the Metcalfe value.
Bitcoin price, Metcalfe value, lowest futures price and 200DMA chart. Source: Timothy Peterson / Twitter
Everything is going according to PlanB
Quantitative analysts have rejected suggestions that Bitcoin will be affected by the third cut in half earlier this month.
The fall in prices occurred days before the event, followed by a recovery and a less pronounced decline during the week.
Nevertheless, the price of Bitcoin is still in the range of the stock-to-flow pricing model, perhaps the best known quantum tool among regular Bitcoiners.
PlanB, its inventor, has shown that a price of $ 288,000 after halving is not unrealistic and is even twice as much possible for the four years to the next halving.
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