Bitcoin can Touch 500K
The cryptocurrency market Seems on the road to recovery but as per our overview, most people do not agree with BTC bottom as per some analyst BTC bottom is 18-20K $ . Now let’s discuss the main point is Bitcoin can Touch 500K $ after the halving event begins.
Most of the new crypto investors are previously just entering in 2021 bull cycle, for those readers we want to explain that BTC covers near 4 years to complete its bull and bear cycle in which bear cycle BTC may loses its value by more than 80 %
What happens in Halving?
Halving is a process in which the Bitcoin Blockchain protocol is designed in a way that it reduces the 50% of its block rewards which is provided by the protocol to its miners. Occurs approximately every 210,000 blocks, or every four years.
On May 11, 2020, the previous halving event occurred. The previous award for each Bitcoin block was halved from 6.25BTC to 6.25BTC. This award will be reduced even further by the fourth halving event that is expected to take place on May 4, 2024. It will now cost 3.125 BTC per block.
What happens to Bitcoin’s price after the next halving?
Crypto Birb, a crypto analyst, shared on Twitter a rainbow price chart showing the historical performance of Bitcoin. This chart was intended to give an insight into Bitcoin’s long-term price movements. Although the colour bands are based on a logarithmic regression, they do not have any scientific basis but form on the basis of previous data patterns, these patterns have lower low and higher high patterns and the main thing is the data on which it’s projected is the long time frame in years
The chart displays the Bitcoin price changes over time. It had increased following each previous halving event. This suggests that the old adage “When in doubt, zoom in” mayb a hint at the truth.
The price was at the time of the tweet, and the press time. It was in the “Accumulate” section of the chart. If the next halving continues on a similar track, it could rise to $40,000.
What is S2F Model
S2F model is a Mathmatical tool which calculate the stock to flow which indicate the future price of a stock commonly it used for Gold and silver and now it applied to bitcoin which is also called as digital gold . and its cerdit goes to a PlanB is supposedly a former Dutch Institutional trader with over 20 years of experience in the field of finance.
Some people support Bitcoin s2f model and some did not see as a true indicator for bitcoin even Vitalik Buterin founder of Ethereum also say positive comment on S2f Model Comment was : “that price spikes not having a coherent correlation with halving’s is not sufficient to disprove S2F.”
PlanB, a prominent Bitcoin analyst and advocate for the stock-toflow (S2F), live model that uses scarcity to determine BTC value, has published his chart.
This chart is used to speculate about Bitcoin’s future price.
“Original 2019 $55k F2F model fits better than the $100k upgrade. A refit using 18m average S2F ratios and 3 years of new data confirms that the original model. Bad news: The model still points at $500k even after 2024 halves.
The current price of Bitcoin is $30.408, which represents a 1.59% rise on the day and 2.03% growth over last week.