The Bitcoin in 2020 is aligned with its positions of 2016 and 2012, show the data, as the performance in six months more than doubled.
The price of Bitcoin has more than doubled since the last halving and is now almost beating its last maximum.
The data compiled by the ChartsBTC on-chain monitoring feature on November 23 shows that, compared to halvings, Bitcoin Code in 2020 is on track to deliver big price gains.
Bitcoin price doubles since halving, with only 3.4 million Bitcoin left for buyers
Bitcoin has gone up 120% since May
Using figures from Coin Metrics and Clark Moody statistician, ChartsBTC’s Halving Index compares Bitcoin progress since the 2012 and 2016 halvings.
The results show that, in terms of price action, Bitcoin is beating its run to the 2017 record high of $20,000. Only 2012 produced a faster rise, at a time when, at the time of halving, BTC/USD was trading at only $12.
Six months after halving, the price of Bitcoin is 2.2 times higher in 2020. In 2016, the high represented 1.3 times the price during the event, while 2012 produced a high of 12 times in the same period.
Bitcoin Halving Index Chart.
A new force
The data reinforce the argument that Bitcoin in 2020 has little in common with three years ago. Traders have changed and now take the form of corporate giants, satisfying customer demand and investing in the long term, not for speculation.
For PlanB analyst, responsible for Bitcoin stock-to-flow pricing models, this is very clear in the form of a catalyst for additional price gains.
As the Cointelegraph published on Monday, he believes that January 2021 could mark the beginning of a much faster valuation cycle, which would also follow performance after previous halvings.
„Monday! Paypal, Grayscale and Square will resume shopping today,“ he reflected on the habits of the latest high-volume Bitcoin traders.
Last week, meanwhile, a comparative chart of Bitcoin’s „halving candles“ highlighted 2020, showing that the potential remains strong before the current halving cycle ends in 2024.
Bitcoin mining revenue reaches pre-halving levels
Bitcoin halving candles.
Only 2.5 million Bitcoins left to be mined
Each candle boosted the BTC/USD at a higher price than the previous halving. In 2024, therefore, halving should produce a price of $100,000 if history repeats itself.