Bitcoin Set for $288K Bull Run in 2020, Popular BTC Price Model Says
Bitcoin (BTC) may be struggling to hit $10,000, but its progress is right on track, new stock-to-flow data confirms.
Adding a new update to his model on July 1, stock-to-flow model creator PlanB showed that Bitcoin is behaving exactly as its bullish history demands.
Bitcoin adds second “red dot”
The BTC S2F Cross Asset Model, or S2FX, uses color-coded dots to analyze Bitcoin price action relative to the date of its next block reward halving.
Dots immediately after halving, like at present, are in red and historically precede a jump in Bitcoin’s price, which PlanB often refers to as being higher by “an order of magnitude.”
Reflected in the model, the next order of magnitude shift is imminent — it should start before the end of 2020. Between then and the next halving in 2024, the model focuses on a price of $288,000 for BTC/USD, with the potential for much higher peaks.
“#Bitcoin S2F chart update .. RED DOT #2,” PlanB summarized on Twitter, referring to June and July’s markings on the chart.