Bitcoin (BTC) has more than doubled since its latest block subsidy halving and is now outpacing its last bull run.
Data compiled by on-chain monitoring resource ChartsBTC on Nov. 23 shows that versus its two previous halvings, Bitcoin in 2020 is right on track to deliver major price gains.
Bitcoin price up 2.2X since May
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 results show that in terms of price action, 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 is 2.2 times higher in 2020. 2016 was more like 1.3 times, while 2012 produced 12 times upside in the same period.
Waiting on an order of magnitude
The data adds fuel to the argument that Bitcoin in 2020 has little in common with how it looked three years ago. Buyers have changed, and now take the form of corporate giants satisfying client demand and investing for the long term, not for speculation.
For PlanB, the quant analyst responsible for the stock-to-flow-based Bitcoin price models, this is all too apparent as a catalyst for further price gains.
As Cointelegraph reported earlier Monday, he believes that January 2021 could mark the start of a much more rapid appreciation cycle, which would also chime with performance after both previous halvings.
“Monday! Paypal, Grayscale and Square will resume buying today,” he mused about the habits of Bitcoin’s latest large-volume bulls.
Last week, meanwhile a comparative chart of Bitcoin “halving candles” put 2020 into perspective, showing just how much potential remained before the current halving cycle ends in 2024.
Each candle propelled BTC/USD to a price that was an order of magnitude larger than the last. 2024, therefore, should produce a $100,000 price tag if history repeats.
Title: Bitcoin is already outperforming the halving that sparked $20K all-time high
Sourced From: cointelegraph.com/news/bitcoin-is-already-outperforming-the-halving-that-sparked-20k-all-time-high
Published Date: Mon, 23 Nov 2020 14:24:51 +0000