Cryptocurrency News

$288K BTC Price ‘Still Going On’ PlanB Bloomberg Champions Bitcoin Halving

bitcoin (B T c) could still reach an average price of $288,000 in the next three years, confident analyst PlanB said after BTC/USD fell 7% on June 12th.

In Tweet On Saturday, the creator of the popular stock-to-flow bitcoin price model shrugged off doubts over the continuation of the bitcoin bull run.

PlanB: Business as usual for BTC

With a chart describing bitcoin as “going for gold”, PlanB was particularly calm about bitcoin’s recent progress despite its failure to break above $40,000.

as Cointelegraph ReportedConcerns from traders and outside sources alike have been growing over the past week, focusing on a possible deep BTC price correction.

“$288K is still in the game,” replied PlanB.

“It would really surprise me if bitcoin would not touch the black S2FX model line at this stage. Despite the current volatility, the yellow green and blue dots would be (much) higher than the red orange dots.”

BTC/USD 1-Month Price Chart Vs. Months Until Halving Events. Source: PlanB/Twitter

Such “surprises” would provide a serious test to the model, which has so far charted bitcoin’s development with unparalleled accuracy.

The $288,000 price tag refers to the average price called by the stock-to-flow cross-asset (S2FX) iteration, while the previous version required a more modest $100,000 average. Both are based on the current halving cycle, a four-year period between block subsidies ending in April 2024.

Earlier, Cointelegraph famous The spot price divergence from the S2F reading has reached a level that normally sees a rebound and a new all-time high.

In additional comments, PlanB noted that 2021 does indeed fit in with the behavior of all other high years – 2013 and 2017 – further suggesting that bitcoin is facing serious problems.

“The deviation is not much different from 2013 (S2F~10) or 2017 (S2F~25), just normal inertia after a halt,” he said Told Twitter users.

Bitcoin Has a “Rapid Ace Up Its Sleeve”

Mike McGlone, senior commodity strategist at Bloomberg Intelligence, has added to the upbeat mood on the power of halvings.

related: Bitcoin Price Up 6% as Bloomberg Analyst Supports $40K Over the Next $20K

on saturday he described A dwindling supply that could naturally push the price up as a “bullish ace” for bitcoin’s biggest cryptocurrency.

He summarized, “Bitcoin $100,000 has a lot up its sleeves: a drop in supply – following the cut in the supply of bitcoin this year, the price is more likely to appreciate.”

Overview of bitcoin price metrics versus supply changes. Source: Mike McGlone / Twitter

Their boom comes as a taproot described it as the most significant bitcoin network upgrade in four years. locked for activation by nodes.

Due out in November, Taproot offers a number of improvements that, among other things, will make it cheaper to use some key features such as multi-signature transactions.