Bitcoin price has doubled since its latest block subsidy halving and is now outpacing its last bull run.
It has been reported by data compiled by on-chain monitoring resource ChartsBTC shows that versus its two previous halvings, Bitcoin (BTC) in 2020 is right on track to deliver major price gains.
#bitcoin halving index pic.twitter.com/eYM8gxd9Ca — ChartsBTC (@ChartsBtc) November 23, 2020
However, using figures from Coin Metrics and statistician Clark Moody, ChartsBTC’s Halving Index compares Bitcoin’s progress since May’s halving with the six months after the 2012 and 2016 events.
The report said that Bitcoin is beating its run to 2017’s all-time highs of $20,000. Only 2012 produced quicker upside, at a time when at the halving, BTC/USD traded at just $12. Six months after the halving, Bitcoin‘s price is 2.2 times higher in 2020. 2016 was more like 1.3 times, while 2012 produced a 12-times upside in the same period.
Likewise, the data adds fuel to the argument that Bitcoin in 2020 has little in common with how it looked three years ago, as buyers have changed and now take the form of corporate giants satisfying client demand and investing for the long term, not for speculation.
What’s more bullish than #Bitcoin’s price? How about the asset outperforming itself when compared to the last halving? In this piece, @WilliamSuberg breaks down how Bitcoin's real run is just getting started. https://t.co/itXfhw8L0b — Cointelegraph (@Cointelegraph) November 24, 2020
It has been analyzed that for PlanB, the quantitative analyst responsible for the stock-to-flow-based Bitcoin price models, this is all too apparent as a catalyst for further price gains.
Moody said:
“Monday! Paypal, Grayscale and Square will resume buying today.”
Meanwhile, a comparative chart of Bitcoin “halving candles” put 2020 into perspective by showing just how much potential remained before the current halving cycle ends in 2024.
#bitcoin halving candles pic.twitter.com/mrpmwua1vH — ChartsBTC (@ChartsBtc) November 18, 2020
As per the report, each candle propelled BTC/USD to a price that was an order of magnitude larger than the last.
Thus, 2024 should produce a $100,000 price tag if history repeats.
Source: Cointelegraph