The price of Bitcoin in the recent few months has been sluggish and somewhat directionless; however, Plan B, an on-chain analyst and proponent of the stock-to-flow (S2F) model, in a recent tweet declared that Bitcoin has reached the same price level where it was twenty days before it hits its previous all-time high of $19K in 2017.
Bitcoin’s price has been moribund within the range of $8,800 and $9,300 in the past few weeks, a range which is believed by experts to be within the king coin’s consolidation zone.
Nevertheless, a break below this level by BTC price would likely make things go defective in the cryptocurrency market as it will drag all Altcoins down too, the same way it will drag them up if the opposite happens.
Bitcoin will Reach $20K within the Next 12 to 18 Months
Plan B in a related tweet asked his about 116K followers about how soon they felt Bitcoin would hit a new all-time high; the tweet had attracted responses from about 13K followers as at press time, out of the responses about 70% opined that BTC will reach a new all-time high of $20K within the next 12 to 18 months.
Plan B claimed had achieved the analysis by comparing previous post halving price movement with the current market conditions, however, Tyler Durden, a cryptocurrency enthusiast opined that the market cycle of Bitcoin appears to be extending.
Durden said it is fascinating to observe how BTC price has increased since the last halving, he elucidated that the price increase had reaffirmed his belief that it will take BTC a whole year to wxperience another Bull Run market which he said would be less volatile.
Bitcoin Difficulty and Hash Rate Rises
Although the devaluation of fiat currencies coupled with global economic meltdowns as a result of the COVID-19 pandemic, would likely serve as a catalyst to catapult Bitcoin to its next bull run, it’s important to mention that a fewer circulation of money would lead to lesser investments which are likely to lengthen the cycle further.
Nonetheless, Bitcoin networks’ on-chain metrics are effortlessly making new highs to dismiss any plan of miners combining force after the halving. Just recently the BTC network’s Hash rate has returned to its all-time high of 135 EH/s since mid-May.
High Hash rates alongside a ten percent increase in mining difficulty would likely be the propeller for a sustained surge that will launch the king coin into its new all-time high.
