History is one of the factors analysts sometimes use to predict price trends. Similarly, Bitcoin (BTC) traders also make use of history in determining the price trend of the cryptocurrency.
BTC at times replays scenarios of the past, this often gives some crypto analysts the confidence to sometimes go down the memory lane.
For this fact, a popular cryptocurrency commentator, Plan B, shared the historical data of Bitcoin on micro-blogging site, Twitter. There he compared the price actions of BTC during the halving years of 2012 and 2016. His illustration indicates that $11,500 is feasible for Bitcoin six months before halving.
Plan B Illustrates What to Expect 6 Months before Halving
Plan B is famously attributed to his occasional crypto price analysis. This time, he conjectured what is to be expected about 6 months before the BTC halving.
He captioned the combined chart of BTC price trend in 2012 and 2016 prior to halving, recalling that Bitcoin surged from $5 to $12 6 months before the first-ever halving of the digital currency that was conducted in 2012. By calculation, that’s about 140% increase in the space of 6 months.
Comparably in the second halving ever conducted, held in 2016, BTC surged from $350 to $650, making it about 86% increase. Where he’s driving at is that the same scenario could as well play out as we approach another halving period.
So the increase to expect if the past replays should be around 150%, connoting that the expected price of Bitcoin should double its present price, six months before halving.
He said, “We are at about 6 months before May 2020 Bitcoin halving. In 2012 btc jumped from $5 to $12 (2.3x) in those 6 months before the halving. In 2016 btc jumped from $350 to $650 (1.7x).”
We are at about 6 months before May 2020 #bitcoin halving.
In 2012 btc jumped from $5 to $12 (2.3x) in those 6 months before the halving. In 2016 btc jumped from $350 to $650 (1.7x). pic.twitter.com/DKSQBOO2TD
— PlanB (@100trillionUSD) October 16, 2019
What he’s driving out is that once it is around six months to halving, Bitcoin surges by 150%. That is, now that Bitcoin is a bit below $8,000, it could surge above $15,000 or thereabout before halving.
Price Actions of Bitcoin and Other Cryptocurrency
At present, nothing is fair regarding the price situation of cryptocurrencies in the market. Top 10 coins have failed to lead other lower digital currencies in the market by example positively.
Only the stablecoin Tether (USDT) has not recorded significant loss due to its stable nature. Top 10 digital currencies such as Bitcoin, Ethereum (ETH), Ripple’s XRP, Litecoin (LTC) and a host of other coins have lost relatively 3% of their prices on 24 hours basis.
Bitcoin (BTC), the largest cryptocurrency by market cap still remains stagnant. It recently lost its support at $8,200, bringing it to retest $7,900 price region. At the time of filing this report, BTC is trading at $7975, with 2.52% price increase in the last 24 hours.