Bitcoin, the premier cryptocurrency approaching its 3rd phase of halving in just 14 days and its price speculations are coming along with it in a little over.
In just two weeks, the cryptocurrency market would be going to see the significant halving effects, which usually bring the entire class of digital assets to new AMH. However, this time due to the global economic slump down that brought us by Covid-19, the implications are uncertain and jittery.
On April 27, Joe007, one of the famous Bitcoin whales and #1 rank holder profitable trader on the Bitfinex Leaderboard, has tweeted about his outlook on Bitcoin block reward halving period 3.
Joe007 has mentioned that BTC’s upcoming halving is already priced in, and the major crypto-asset would crash soon after halving takes place.
Joe007 ironically said that:
“Nooo, of course, it’s not priced in. On the very day of The Great Halvening, everybody will finally realize how underpriced BTC is, and they will all rush to buy it. In droves. With their unemployment checks.”
Bitcoin Can Go to $288000 By 2020 End-
Interestingly, Bitcoin (BTC) Stock-to-Flow (S2F) model that was first published in March 2019 by analyst PlanB has come up with a version of the S2F model- BTC S2F Cross Asset (S2FX) Model- that can take the major digital asset on a big jump.
“S2FX model enables the valuation of different assets like silver, gold, and BTC with one formula.”
PlanB via his new BTC S2F Cross Asset (S2FX) Model theory predicts that Bitcoin’s average price would reach $288,000 by this year’s end.
This time PlanB has used the regression analysis and combined gold and silver with BTC and introduces the idea of “clusters” for Bitcoin and removed the time concept.
According to the analyst, the S2FX model formula can apply while estimating the market value of the next BTC phase/cluster (BTC S2F will be 56 in 2020–2024):
Market value = exp(12.7598) * 56 ^ 4.1167 = $5.5T.
On the other hand, Ethereum (ETH) co-founder Vitalik Buterin does not agree with the BTC S2F model prediction, which says BTC will skyrocket this year.