Bitcoin Indicator Suggests BTC Burst to $100K Will Begin on This Date, Says Crypto Analyst
The widely-followed crypto analyst PlanB says Bitcoin’s past price history indicates the leading cryptocurrency will begin a new bull run immediately after its next halving in May of 2020.
Halvings happen every four years and effectively cut the amount of new supply of BTC entering the market by half.
According to the anonymous analyst, Bitcoin’s previous two halvings were quickly followed by a boost in the price of BTC.
“Getting some questions about why in previous halvings (November 2012 and July 2016) [BTC] took well over a year for the market to start surging.
Well, it didn’t. Look for yourself: In the chart the halving is when blue turns to red: the market immediately rises after a halving.”
PlanB says the model indicates $100k will likely happen by 2023. But his prediction has plenty of critics.
Co-founder of the institutional digital asset manager Morgan Creek Digital, Jason A. Williams, tells Forbes that he believes the halving is already priced in.
“For the community that are living this day to day they know the event is there. They even know the date (within a few days). Large miners that are holding BTC will have to sell to cover operational expenses or use cash as revenue halves.
New buyers have to come in to move this market up. So other than a new headline, the halving is being dealt with now by those who are operationally effected by it. Those that don’t will be priced out of the mining business.”
Unpopular Opinion –
Bitcoin halving in May 2020 won’t do anything to the price. It will be a non-event.
— Jason A. Williams 🦍 (@JWilliamsFstmed) December 1, 2019