Bitcoin (BTC) is following in the footsteps of the two previous halving, thanks to which the price has jumped an order of magnitude.
In a tweet published on September 2, PlanB, the creator of the stock-to-flow (S2F) models for BTC, invited investors to be „patient“ about the price increase.
Wednesday’s correction brought the asset close to $11,000 support, yet since its most recent halving event in May, Bitcoin has performed exactly as expected.
The inability to exceed and transform the $12,000 level into support has characterized the price action in recent days, but the progress on the monthly chart is evident.
„Reminder: We are still in the early stages, just 4 months after #Bitcoin’s 2020 halving, halfway through 2012 and 2016,“ PlanB commented.
„Patience is a virtue.
A chart comparing price indices shows gains in 2020 between 2012 and 2016.
Therefore, BTC/USD remains definitely within the range of possibilities for another jump of one order of magnitude. According to the S2F model, the current halving cycle has a target of $288,000 and will end in 2024.
Over the weekend, another graph described an even more bullish perspective for Bitcoin.
Taking the May halving as its starting point, the ecoinometrics analysis resource has derived a price target of $41,000 by the end of this year.
„Sounds good,“ the company commented on Twitter, adding that the cryptocurrency should hit $100,000 by April 18, 2021.
Bitcoin price forecast following 2020 halving
The targets were calculated using the average growth recorded following Bitcoin Evolution previous halving.
Meanwhile, the short-term changes that have affected the network do not seem to have contributed to a change in the long-term perspective. These developments include the peak of mining pool exits recorded in recent days, indicative of significant sales activity, as demonstrated by data provided by the CryptoQuant on-chain monitoring resource.
The Chinese mining pool Poolin is responsible for most of the activity, with outflows of 490 BTC.