Bitcoin Bull Run Set to Start on Thursday Based On One Prominent Mining Metric
Last week, Bitcoin was having trouble adjusting per PlanB. An analysis was showing that a previous difficulty reduction of 7% can give some signals that a major bull-run is about to start if a significant increase was about to follow.
When PlanB made the analysis, there was a 4% difficulty increase predicted for the time of the adjustment. However, things have changed and the fall was 0.8%. What’s good to know is that ever since then, the miners have started to churn out blocks, which once again indicates a 4% difficulty increase for Thursday.
PlanB Offers the Most Accurate Predictions
PlanB is a champion when it comes to the stock-to-flow (S2F) Bitcoin model. It has always been accurate throughout the last 9 years, having the most reliable prediction tools and giving a long-term forecast of $100k for Bitcoin by 2021.
PlanB has started to first analyze difficulty adjustments after the 7% reduction from November 7th and 8th. Inspecting this reduction more closely, things no longer seemed so negative because such drops have happened before, not to mention price gains have been indicated when they were followed by a major difficulty increase.
Bitcoin Price Won’t Be the Only One to Swing
At a 4% gain by November 21st, good things are sure to happen. However, seeing that predictions arrived right at the beginning of a new difficulty period, a few slow blocks in this situation may have quite a major effect on expectations. While the predicted adjustment was getting closer to -0.8%, the bull-run was no longer in the cards because the gain wasn’t desired, nor a significant reduction was in the cards for a gain to be expected. However, after a week and a chance at 4%, the bull-run is anticipated for Thursday.
This Has Happened Before
While this has happened before, it still doesn’t ensure a significant bull-run. At the same time, it doesn’t offer any guarantee that any adjustment in the predicted difficulty won’t happen before Thursday. In the event in which everything stays the same and the history of the Bitcoin continues to work as it did until now, the bull-run is sure to deliver.