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More data is flowing in suggesting that May’s block reward halving will initiate notable gains in the BTC price.
This latest analysis suggests that the Bitcoin price will slowly move up for the rest of the year, and eventually eclipse its all-time high.
Analyst Bitcoin Jack has posted a graph on Twitter that examines a range of indicators on the weekly closing prices, all of which point to an impending bull run.
He has tweeted: “$BTC fair price analysis update. 40% on our estimated time of price spent below the 0.5 of the entire consolidation range since 20K. In ’13-’17 consolidation saw 41.57%.
One way or another, the math suggests there has been enough discount below fair price to grind up rest of year.”
This chart examines moving averages and fibonacci sequences of the present market and compares them to similar data from the 2013-2017 bull run.
There is a clear parallel with much of the data.
Thus, if the pattern continues, Bitcoin’s price will move up for at least the next twelve months.
It is worth noting that Bitcoin Jack is not predicting a rapid price spike, at least not by crypto market standards.
Rather, he suggests that Bitcoin will move up steadily, as it did during the last bull run that lasted until early 2018.
Nevertheless, the cryptocurrency could still see a new all-time high within a few months.
Bitcoin Cash (BCH) Halving Officially Done, Reward Cut in Half:
Bitcoin Cash halving is here! At block height 630000, the halving occurred and the block reward has now fallen to 6.25 BCH from 12.5 BCH.
Bitcoin Cash’s halving, that occurs every 210,000 blocks or four years, came over a month before Bitcoin’s because of its initial problem with its difficulty adjustment algorithm in 2017.
As we recently reported, Bitcoin Cash shares the same SHA-256 mining algorithm as Bitcoin and Bitcoin SV (BSV) which means, miners can seamlessly redirect their hash power to the asset that is more profitable to them.
Because Bitcoin will still have 12.5 BTC rewards for a month longer, when Bitcoin Cash today and Bitcoin SV tomorrow halve their rewards, this should force miners to direct more hash power to bitcoin which already accounts for nearly 95% of it.
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