Bitcoin is already surpassing the halving that generated an all-time high of $ 20,000

Bitcoin (BTC) has more than doubled since its last block subsidy halving and is now overcoming its latest bull run.

Data compiled from the monitoring resource in the chain ChartsBTC November 23 shows that compared to its previous two halves, Bitcoin in 2020 is on track to offer major price gains.

The price of bitcoin has risen 2.2 times since May

Using data from Coin Metrics and statistician Clark Moody, ChartsBTC’s Halving Index compares Bitcoin’s progress since the May halving with the six months following the events of 2012 and 2016.

The results show that in terms of price action, Bitcoin is beating its 2017 all-time high of $ 20,000. Only 2012 produced a faster rally, at a time when the halving, BTC / USD was trading at just $ 12.

Six months after the halving, Bitcoin is 2.2 times higher in 2020. 2016 was more like 1.3 times, while 2012 yielded 12 times higher over the same period.

Waiting for an order of magnitude

The data adds fuel to the argument that Bitcoin in 2020 has little in common with what it looked like three years ago. Buyers have changed and now take the form of corporate giants that cater to customer demand and invest long term, not speculation.

For PlanB, the quantum analyst responsible for stock-to-flow-based Bitcoin pricing models, this is all too evident as a catalyst for further price increases.

As Cointelegraph reported last Monday, he believes January 2021 could mark the start of a much faster appreciation cycle, which would also resonate with performance after both previous halves.