New Bitcoin (BTC) Indicator Shows That BTC Will Surge To $370k
There are various crypto-related predictions, and a lot of them are getting bullish these days.
BTC to hit $370k
Crypto analyst known in the space as PlanB has said that a metric which is based on miner activity points to a long-term BTC bull run to $370k.
The analyst claims that the former BTC rallies that happened have begun after large numbers of miners who power the network determine that they are not making a profit and temporarily turn off the rigs.
This usually happens when a BTC bubble bursts and the price of BTC falls.
Daily Hodl reports that by running the math on BTC’s past price movements after the “miner capitulation”, PlanB said that he assumes BTC will begin a new trend to $370k in the next two to three years.
A new trend suggests BTC is heading above $350k
According to the online publication, he’s joining a trend which suggests that BTC’s price will follow such a path.
In a new episode of the Unchained podcast, Pantera CEO Dan Morehead says his firm’s calculations indicate Bitcoin is on a trajectory toward $356,000 in the coming years.
#bitcoin bull markets seem to start at difficulty bottoms.
We saw difficulty bottoms (miner capitulation) in Dec 2011 ($4.6), May 2015 ($230) and Dec 2018 ($3691). Price continues to rise from these bottoms until ATH around 100x .. implying a continuing uptrend until $370K ATH. pic.twitter.com/xgwp3SeHfb
— PlanB (@100trillionUSD) July 26, 2019
“It deflated so much that at the beginning of this year, when we were at the trough of the crypto winter, we graphed what it would be like if Bitcoin spent the next 12 months getting back to its trend line and then from there out just stayed at its trend,” he said.
He continued and stated: “And its trend has been to grow at 235% compound annual growth rate. At the time, Bitcoin was $3,000 or $4,000 – that put Bitcoin at $42,000 at the end of 2019, which I know sounds crazy.”
In other news, Mike Novogratz is addressing some new theories.
CEO of crypto investment bank Galaxy Digital says that Facebook, Telegram and the global uncertainty are behind BTC’s big 2019 rally.
During an interview with Bloomberg TV, Novogratz says Facebook’s Libra is a game-changer for Bitcoin and will ultimately bring new users into the world of cryptocurrency.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.