The quick recovery seen in the crypto market has so far revealed Bitcoin’s resistivity to ruining forces, as well as keeping critics mute as Gold, Silver, S&P 500 are still behind Bitcoin in terms of recovery.
After dropping to as low as below $4000 amid the lasting Coronavirus scourge, Bitcoin has managed to add over $2,000 to its value within 14 days.
Similarly, some traders and investors are now positive about the probable outlook of Bitcoin in the next few days. The upcoming halving which will introduce scarcity to the quantity of available BTCs in the market is one of the reasons traders are sure Bitcoin would display upward rally.
Crypto investor and trader Crypto Rand on Twitter called people to the attention of the upcoming halving, asserting that the event is slated to take place in less than 50 days from now as Bitcoin continues to trend on the upside.
While urging people to get prepared for a profitable long run, Crypto Rand backed his claim with a stock-to-flow model graphical illustration by Analyst Plan B.
As revealed in the graph by Plan B, Bitcoin’s value after halving would likely rise to $100,000. The graph further illustrated that after the 2024 halving, Bitcoin would witness another major pump that would put the price around $1,000,000.
The #Bitcoin halving is coming in less than 50 days.
📈 Fasten your seatbelts for the long run 📈 pic.twitter.com/9IrmRtDkKd
— Crypto Rand (@crypto_rand) March 26, 2020
Trader Crypto Rand also backed his prediction with another Bitcoin analysis done by analyst Plan B. Plan B in the report made a model of Bitcoin’s value in relation to scarcity. He asserted that base on his analysis, the model forecasts that after the May 2020 halving, Bitcoin would be price around $55,000 and it would also have a market value of $1trn.