Bitcoin may have shed 11% in a week, but it is actually performing exactly like one of the industry's most famous analysts predicted.
In a tweet on Mar. 1, PlanB, creator of the well-known stock-to-flow Bitcoin price forecasting model, said that at around $8,500, BTC/USD was wholly on schedule.
In February, he predicted that Bitcoin might lose its 200-day moving average support, but would ultimately stay above $8,200.
Sharing data from his Bitcoin price indicator, he said the outlook had in fact improved to $8,600.
While the price forecast is a separate entity, stock-to-flow currently calls for an average of around $8,650 for Bitcoin prior to its May 2020 block reward halving.
Thereafter, the model says that gains will take Bitcoin an order of magnitude higher than ever before.
Bitcoin's price and stock-to-flow are "Co-integrated," he stated last week, reposting the long-term stock-to-flow trajectory.
In a separate tweet PlanB added that he did not foresee negative progress for Bitcoin in terms of network strength following the halving.
During the 2012 and 2016 events, he noted, Bitcoin's network difficulty increased.
Bitcoin difficulty behavior forecast for 2020 halving.
Bitcoin Price Avoids $8.2K to Mirror Stock-to-Flow Creator's Forecast
gepubliceerd op Mar 2, 2020
by Cointele | gepubliceerd op Coinage
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