Bitcoin’s historical data reveals the fact that the price of the Bitcoin will reach the $11.5K mark in the upcoming six months.
According to the data revealed from the historical forecasting tool, the Bitcoin price is going to touch the figure of $11.5K in the next six months before the next Bitcoin halving that will take place in May 2020.
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A crypto analyst PlanB who is also the creator of the Stock-to-Flow model analyzes the previous data of Bitcoin.
He says that Bitcoin price makes a surge before the Bitcoin halving event as it has done the same in the previous two BTC block halving events. He further adds that the average of Bitcoin pre-halving growth is 113%.
The crypto analyst presents the data of Bitcoin price that surged before the two block halving events of 2012 and 2016. He says that the price of the coin surged by 140% in 2012 while in 2016, the price lifted by 86%. In both these years, the price jumped high before the bitcoin halving event.
PlanB shows the chart in his tweet:
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
The crypto analyst, PlanB calls this the reason behind the upcoming surge of Bitcoin Price in the next six months. He claims that if this previous pattern is repeated then it is expected that Bitcoin will jump to the $11,500 mark before the May 2020 bitcoin halving.
Another crypto analyst, Saifedean Ammous also studies the Stock-to-Flow model and compares between the stock-to-flow ratios of Bitcoin and Gold. He comes to the conclusion and says that Gold has still the highest Stock-to-flow ratio.
Bitcoin block reward halving results in a decrease in the price of Bitcoin. The reason is that the miners receive only half of the reward. In the upcoming May 2020 halving, on each block transaction, they will get 6.25BTC instead of 12.5 BTC.
Bitcoin is currently trading below the figure of $10k. And the historical data of Bitcoin suggests that in the next six months, the price will reach $11.5K trading point.