Bitcoin

Bitcoin’s performance surpasses the 2016 halving that triggered the all-time high of $ 20,000

Bitcoin (BTC) has more than doubled since it was last halved and is now getting over its last bull run.

The data compiled by the chain monitoring resource ChartsBTC on November 23rd show that compared to their two previous halves this 2020 Bitcoin is on track to make significant price gains.

Bitcoin price has increased 2.2 times since May

Out with numbers Coin metrics and the statistician Clark moody, the halving index of ChartsBTC Compare Bitcoin’s progress since halving in May with the six months after the events of 2012 and 2016.

Bitcoin’s performance surpasses the 2016 halving that triggered the all-time high of $ 20,000
Bitcoin’s performance surpasses the 2016 halving that triggered the all-time high of $ 20,000

The results show that in terms of price movements, Bitcoin hits its all-time high of $ 20,000 in 2017. Only in 2012 was there a faster increase at a time than after the halving The BTC / USD pair traded at just $ 12.

Six months after the halving Bitcoin is 2.2 times bigger in 2020. 2016 was closer to 1.3 times, while 2012 produced 12 times more in the same period.

Bitcoin Halving Index Chart. Source: ChartsBTC

Waiting for an order of magnitude

The data reinforces the argument that Bitcoin in 2020 has little in common with how it looked three years ago. Buyers have changedand now they are taking shape Enterprise giants meet customer demand and invest long termnot to speculate.

To the Plan B, the quantitative analyst responsible for the Bitcoin stock-to-flow pricing model, This is clearly a catalyst for further price increases.

As Cointelegraph reported last Monday, he thinks so January 2021 could mark the start of a much faster appreciation cyclewhich would also correspond to the performance after the two previous halves.

“Monday! Paypal, Grayscale and Square will be shopping again today”, he thought about the habits of the recent big Bitcoin buyers.

Last week meanwhile a Comparison table Bitcoin’s “halving candles” put 2020 into perspective, shows how much potential there was before the current halving cycle ends in 2024.

Bitcoin halves candlestick chart. Source: ChartsBTC

Each candle brought the BTC / USD pair to a price an order of magnitude higher than the previous one. So in 2024, if history repeats itself, it should be a price of $ 100,000.

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