It’s time for Bitcoin (BTC) to start the next big jump in prices, says the creator of one of the most popular BTC pricing models.
In a tweet on September 14, quantitative analyst PlanB highlighted growing signs that BTC / USD will replicate historical gains.
PlanB for the BTC course: “It’s time to go up”
Referring to the first implementation of the inventory-to-power model (S2F), PlanB said that now is a good time to start arranging by volume.
He wrote next to the new graph, “This is a 2019 time series model based only on historical BTC data (no gold, silver, diamond and real estate data).”
“You see a half jump in the pattern value (white line) and a corresponding reduction in multiple error / S2F pattern (white dots). It’s time to grow. ”
The original S2F chart differs from the later Cross-Asset Model (S2FX), which includes macro agents and represents “milestones” for Bitcoin’s transformation as an asset. The average BTC price up to 2024 requires $ 288,000.
After cutting in half in May, Bitcoin put red dots in the model that met expectations, if not as it did after halving in 2016.
Interestingly, Michael Van de Popp, market analyst at Cointelegraph, also sees the same pattern emerging from a technical analysis perspective.
“If you want to compare periods and market cycles, the current market situation can be compared to 2016,” he tweeted on 14 September.
“Slow growth with long periods of side consolidation. In 2016, many of them were discovered. In 2020 and 2021, we will probably see this as well. ”
When asked where the funds would come from to push BTC / USD towards $ 100,000, PlanB highlighted a blog post about S2F and confirmed that his hypothesis is still true.
These will be “silver, gold, countries with negative interest rates […], countries with predators […], billionaires and millions secured against quantitative easing (QE), and institutional investors.”
Analysts predict a safe haven
The garden’s optimism persists this week after Bitcoin. As the Cointelegraph reports, there are high hopes that gold will respond positively to the US Federal Reserve’s political update on Wednesday.
Continues, Mike McGlone, chief strategist at Bloomberg Intelligence, highlighted the power of gold.
On Monday, he summed up: “The increase in gold prices, despite the fact that hedge funds have contracted with net assets under management and the strengthening of the dollar, is a sign of a strengthening of the base under the metal.”
“Less speculation versus more natural demand plays a role in maintaining value, indicating a strong beef market.”
XAU / USD is currently at just under $ 1950 after reaching a record high of $ 2075 in August.