Home Cryptocurrency $288K BTC price ‘still in play’ says PlanB as Bloomberg champions Bitcoin halving

$288K BTC price ‘still in play’ says PlanB as Bloomberg champions Bitcoin halving

by Gordon James

Bitcoin is a revolutionary digital currency that has been around for over a decade, but what does the future hold for it? New reports suggest that the price of a single bitcoin may reach $1 million in the next four years, as investors are bullish over cryptocurrency’s potential.

In the second half of 2017, the Bitcoin price has been on the rise (as the graph below indicates):

Bitcoin prices have been bouncing around since the halving event, and the upcoming halving has been touted as the price most likely to go down. But a recent statement by one of the biggest Bitcoin investors says that the BTC price is still in play. A few weeks ago, Merriam-Webster announced that the word “halving” has been added to its list of words that are considered “contemporary American English.” This is notable, since the original idea behind the term was to differentiate it from its predecessor, “halvings.”. Read more about ethereum price and let us know what you think.

Bitcoin (BTC) can still reach an average price of $288,000 in the next three years, a PlanB analyst said confidently, after the BTC/USD exchange rate fell on the 12th. In June, the decline was 7%. In a tweet on Saturday, the maker of the popular bitcoin price share flow model denied doubts about bitcoin’s ongoing bull market.

PlanB: Business as usual for BTK

Aside from the chart describing bitcoin as gold, PlanB has been silent on bitcoin’s recent rise, even though it has failed to break $40,000. According to Cointelegraph, traders and outside sources are increasingly concerned about a possible deeper correction in the price of BTC over the past week. 288,000 is still at stake, PlanB responded. I would be surprised if Bitcoin doesn’t hit the black line on S2FX at this point. Regardless of the current volatility, the yellow, green and blue dots will be (much) higher than the red and orange dots.BTC/USD price chart for one month, compared to months before the halving. Source: PlanB/ Twitter Such a surprise would be a serious test of a model that has so far charted bitcoin’s growth with exceptional accuracy. The $288,000 price tag refers to the average required for the stock-flow cross-asset iteration (S2FX), whereas the previous version required a more modest average of $100,000. Both figures are based on the current bisection cycle, a four-year period between reductions in block grants that ends in April 2024. Cointelegraph has previously noted that the spot price divergence from S2F levels has reached a level where a rebound and new all-time high normally occurs. In additional commentary, PlanB noted that 2021 is consistent with the behavior of the other record years, 2013 and 2017, further refuting speculation that bitcoin is facing serious problems. The variance is not much different than in 2013 (S2F ~10) or 2017 (S2F ~25), the usual inertia after halving, he told Twitter users.

Bitcoin has a trump card up its sleeve

Mike McGlone, senior commodity strategist at Bloomberg Intelligence, joined the jubilant sentiment about the strength of the halving. Related: The price of bitcoin is up 6% as a Bloomberg analyst favors $40,000 over $20,000 in the future. On Saturday, he called bitcoin’s dwindling supply a bullish ace for the largest cryptocurrency, which could naturally drive the price up. The $100,000 bitcoin has a trick up its sleeve: Decreasing supply – This year the supply of bitcoin has decreased, increasing the likelihood of a price increase if past trends continue, he concluded. Overview of bitcoin’s price development relative to supply development. Source: Mike McGlone/Twitter $288K BTC price ‘still in play’ says PlanB as Bloomberg champions Bitcoin halving His optimism comes at a time when Taproot, touted as the most important update to the bitcoin network in four years, is stuck in node activation. Taproot was released in November and offers many improvements, including the use of some key features, such as. B. Transactions with multiple signatures will be cheaper.The Bitcoin price needs to reach $250,000 per coin by July 2020 to be considered a success according to one leading venture capital firm.. Read more about plan b bitcoin prediction 2021 and let us know what you think.

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