The Bitcoin Era price (BTC) is tracing its path directly between the two previous block subsidy halvings that raised its price by an order of magnitude.
In a tweet on September 2, PlanB, creator of the BTC stock-to-flow (S2F) price models, told investors to be „patient“ when it comes to price appreciation.
Bitcoin price remains on track four months after having
Despite bouncing close to $11,000 support on Wednesday, Bitcoin has performed exactly as expected in monthly installments since its last halving event in May.
Plan B: Bitcoin is on track for $288,000 while the Stock-to-Flow model is running ‚like clockwork
The reluctance to break and secure USD 12,000 as support has characterized the price action ever since, but 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 routes of 2012 and 2016,“ said PlanB.
„Patience is a virtue.
An attached comparative price index graph showed that Bitcoin in 2020 added gains that are between those of 2012 and 2016.
Bitcoin price falls to $11,100 while dollar index rises
As such, the BTC/USD pair remains firmly within the range of possibility of increasing by an order of magnitude once again. According to S2F, this should see a target price of USD 288,000 in the current having cycle, which ends in 2024.
The year-end BTC target price of USD 41,000 is displayed
Meanwhile, over the weekend, another chart painted an even more bullish picture for Bitcoin.
Taking May’s halving as a starting point, the econoinmetrics data analysis resource produced a target price of USD 41,000 by the end of this year.
„It looks solid,“ the firm said on Twitter, adding that USD 100,000 should appear by April 18, 2021.
Bitcoin’s and USD’s speed is plummeting, but BTC’s price reacted differently
Bitcoin price forecast post 2020 halving
The targets were compiled using the average growth after previous Bitcoin halvings.
Meanwhile, short-term changes in network sentiment have not contributed to a change in the long-term outlook. These include an increase in mining fund outflows indicating sales activity this week, as shown by the CryptoQuant on-chain monitoring resource data.
The Chinese mining group Poolin recorded outflows of 490 BTC, the bulk of the activity.