Bitcoin has more than doubled since the last support block, and has now seen its latest upward pressure.

Data collected by monitoring the resources ChartsBTC on the chain on 23 November shows that compared to the two previous halves, Bitcoin (BTC) in 2020 is on the right track for significant price increases.

Bitcoin is up 120% since May
Using Coin Metrics and Clark Moody’s statistics, ChartsBTC’s halving index compares Bitcoins’ progress since May in the half with six months after the events of 2012 and 2016.

The results show that in terms of price movement, Bitcoin growth exceeds a 2017 full-time of $ 20,000. Only 2012 saw a faster rally, while BTC / USD traded half to just $ 12.

Six months after the price of bitcoin fell by half, the price of bitcoin has risen 2.2 times in 2020. In 2016 it was 1.3 times higher, and in 2012 it was 12 times higher during the same period.

Waiting for volume
These data support the argument that Bitcoin in 2020 has little to do with what it looked like three years ago. Buyers have changed and are now taking the form of giant companies that satisfy consumer demand and invest in the long run, instead of speculating.

For PlanB, the quantitative analyst responsible for the dynamics of stock-based bitcoin pricing models, this is clearly a catalyst for further price increases.

As Cointelegraph reported earlier on Monday, it believes January 2021 may mark the start of a much faster value creation cycle that will also match performance after each of the two previous halves.

“Monday! Paypal, Grayscale and Square will continue to trade today” – Think about the habits of the latest bitcoin bulls.

Last week, the Bitcoin comparison map showed the perspective of low beam in 2020, and showed how much potential is left before the current halving cycle ends in 2024.

Halving the candlestick for Bitcoin. Source: ChartsBTC
Each candle pushed BTC / USD towards a higher price than the previous one. Therefore, the price should be $ 100,000 in 2024 if the date is repeated.

Source: CoinTelegraph