The price of Bitcoin (BTC) is hovering right between the previous two halves of the block subsidy, which increased the price by an order of magnitude.
In one Tweet September 2nd PlanB, developer of the BTC Stock-to-Flow (S2F) pricing models, told investors to be “patient” with price hikes.
The Bitcoin price stays on course four months after the course
Although Bitcoin bounced near $ 11,000 support on Wednesday, it has performed exactly as expected in monthly periods since it was last halved in May.
Reluctance to break out and secure $ 12,000 as support has shaped price action since then, but the progress on the monthly chart is evident.
“Reminder: We are still early, only 4 months after the halving of #bitcoin 2020, very well between the 2012 and 2016 routes,” commented PlanB.
“Patience is a virtue.”
An accompanying comparative price index chart showed that Bitcoin added gains between 2012 and 2016 in 2020.
Thus, the BTC / USD pair remains firmly in the range of the possibility of a further increase by an order of magnitude. According to S2F That should have a target price of $ 288,000 in the current cycle ending in 2024.
Bitcoin price comparison after halving. Source: PlanB / Twitter
The year-end BTC price target of $ 41,000 is displayed
Meanwhile, another chart over the weekend drew an even more optimistic outlook for Bitcoin.
Based on the halving of the month of May the data analytics resource economics A price target of $ 41,000 was set by the end of this year.
“It looks solid,” the company said on Twitter added that $ 100,000 should be out by April 18, 2021.
Bitcoin price forecast halved after 2020. Source: ecoinometrics / Twitter
The goals were created using the average growth after previous Bitcoin halving.
Meanwhile, Short-term changes in network sentiment have not changed the long-term outlook. These include a surge in mining fund outflows, indicating sales activity this week, data from on-chain monitoring resource CryptoQuant showed.
Chinese mining company Poolin recorded outflows of 490 BTC, most of the activity.