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Bitcoin (BTC) is making its way straight between the two previous halving of block subsidies that sent its price an order of magnitude higher.
In a September 2 tweet, PlanB, creator of BTC stock-to-flow (S2F) pricing models, said investors need to be “patient” when it comes to price appreciation.
The price of bitcoin remains on track four months after the halving
Despite bouncing close to the $ 11,000 support on Wednesday, Bitcoin has behaved exactly as expected on monthly time frames since its last halving event in May.
Reluctance to break out and secure $ 12,000 as support has characterized the price action ever since, but progress on the monthly chart is evident.
“Reminder: we are still at the beginning, only 4 months after the halving of #bitcoin 2020, pleasantly between the paths of 2012 and 2016,” said PlanB.
“Patience is a virtue.”
An accompanying comparative price index chart showed that Bitcoin in 2020 added gains ranging between those of 2012 and 2016.
As such, BTC / USD remains firmly within the range of possibilities to once again rise by an order of magnitude. According to S2F, this should see a price target of $ 288,000 in the current halving cycle, ending in 2024.
Post-halving comparison of bitcoin prices. Source: PlanB / Twitter
The year-end BTC price target of $ 41,000 appears
Over the weekend, meanwhile, another chart painted an even more bullish outlook for Bitcoin.
Taking the May halving as a starting point, the data analysis resource Ecoinometrics product a price target of $ 41,000 by the end of this year.
“It looks solid,” the company said on Twitter, adding that $ 100,000 is expected to appear by April 18, 2021.
Bitcoin price prediction after 2020 halving. Source: Ecoinometrics / Twitter
The targets were compiled using average growth after Bitcoin’s previous halving.
Meanwhile, short-term shifts in network sentiment have not contributed to a shift in the long-term outlook. These include a spike in outflows from mining pools indicative of this week’s sales activity, as data from on-chain monitoring resource CryptoQuant showed.
China’s Poolin mining pool saw outflows of 490 BTC, most of the activity.
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