Bitcoin is still hovering around $8,000, alternating between climbing to $8,500 and dropping to $7,700, while volume continues to disappoint, currently, registering less than $200 million on top ten exchanges with real volume.
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
— Plan₿ (@100trillionUSD) October 16, 2019
But what about after the reward halving?
Recently, Raoul Pal, founder and CEO of Global Macro Investor and Real Vision Group, had popular analyst PlanB, who uses stock to slow approach to determine Bitcoin’s future price, on his podcast and talked about just that.
“If we look at the stock to flow model, the only thing I take from that, I’m taking the co-integration into account, is that somewhere between a year and a year and a half after the halving so say before Christmas 2021, Bitcoin should be or should have been above $100,000,” said PlanB.
But what if Bitcoin doesn’t surpass the all-time high recorded in December 2017 to hit a six-digit figure?
“If that’s not the case, then all bets are off and it probably breaks down. I don’t expect that to happen but that's the big test that going.”
And this is what a lot of people are waiting for but for now, he'll just see how that plays out.
The halving, PlanB says will “obviously be a very, very interesting event,” which given the fact that it has been historically a bullish event for the Bitcoin price will definitely be.
But it’s not all. The leading digital currency is also seeing a lot of interest from other market participants.
“What I also see is more interest from the gold community,” said the analyst.
PlanB himself doesn't invest professionally in gold “because it’s all mortgages and fixed income and stuff,” but he’s in constant communication with the well-known gold and commodity funds and managers and “all those gold people are looking at the digital gold that is Bitcoin.”
Last year, the Incrementum report, ‘In Gold We Trust’ report had a paragraph on Bitcoin, for the first time. “So, everybody is looking at this thing” and “the more open-minded the gold investors are maybe thinking about rotating a little bit into the digital gold,” he said.
Also make sure to watch this preview of Plan₿ interview here:
— Hodlverse ⚡️🚀 (@hodlverse) October 18, 2019
And remember, as we approach the notorious halving in the next six to seven months, the fixed supply will be reduced in half (the 18th million bitcoin was mined today), but that will not change the overall supply of bitcoins being minted into existence.
And the Fed has a much better idea how much a dollar will buy at that time. Bitcoiners predict anywhere from $1M+, to a collapse of BTC due to its inability to scale.
— Peter R. Rizun (@PeterRizun) October 19, 2019