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The Bitcoin price performance since difficulty bottom chart shows the formation of a cup pattern peaking in spring 2021.
This BTC price prediction tool puts Bitcoin at an astonishing $400k by then.
Right on cue, analyst @100trillion USD, also known as PlanB, tweeted a chart.
It’s based on a ratio of current price over bottom price ($3.7k – December 2018) against time and represented by mining difficulty.
The chart shows four distinct cycles, each beginning with low mining difficulty that corresponds with a low ratio of current price/bottom price. In each case, the ratio increases in line with mining difficulty until it peaks at around 120,000 – 140,000 blocks.
With this comes a dip in the ratio as mining difficulty gets increasingly hard. Current mining difficulty is at 80,000 blocks and based on the previous three cycles, there is room to grow up until the cup ceiling.
With that in mind, a ratio of 10, or 10 times the bottom ($3.7k), puts Bitcoin (BTC) at around $37k come halving time. What’s more, a climb towards the ceiling will see a ratio of around 100, or 100 times the bottom, putting Bitcoin at $370k by spring 2021.
BITCOIN SEES ITS FIFTH LARGEST HOURLY PRICE CRASH EVER
Bitcoin’s fifth largest hourly price drop in history happened today, according to data from Coin Metrics. In a shock brutal crash, BTC shed around $1,000 in value in less than one hour.
What does it mean?
“Today marks Bitcoin’s fifth largest hourly price drop in price history. A ~$1000 drop in under an hour. The only other time we’ve seen a greater dollar price drop is at the Dec. 2017 peak.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.