According to the data, Bitcoin in 2020 is right between its 2016 and 2012 positions, as the half-yearly performance shows 2.2 times more gains.
Bitcoin (BTC) has more than doubled since the last halving and is now outperforming its last bullish run.
Data compiled by chain monitoring resource ChartsBTC on November 23rd shows that, compared to its previous two halves, this 2020 Bitcoin is on track to generate significant price gains.
Bitcoin price up 2.2X since May
Using figures from Coin Metrics and statistician Clark Moody, ChartsBTC’s Halving Index compares Bitcoin’s progress since May’s halving with the six months following the events of 2012 and 2016.
The results show that in terms of price action, Bitcoin is breaking its all-time record of $20,000 in 2017. Only 2012 produced a faster increase, at a time when, with the halving, the BTC/USD pair was trading at just $12.
Six months after halving, Bitcoin is 2.2 times bigger in 2020. 2016 was more like 1.3 times, while 2012 produced 12 times more in the same period.
Expecting an order of magnitude
The data adds strength to the argument that Bitcoin Fast Profit in 2020 has little in common with how it looked three years ago. Buyers have changed, and are now taking the form of corporate giants who are meeting customer demand and investing for the long term, not for speculation.
For PlanB, the quantitative analyst responsible for Bitcoin’s Stock-to-Flow pricing model, this is clearly a catalyst for further price increases.
As Cointelegraph reported on Monday, he believes that January 2021 could mark the beginning of a much faster appreciation cycle, which would also coincide with performance after the two previous halvings.
“Monday! Paypal, Grayscale and Square will resume shopping today,” he reflected on the habits of Bitcoin’s latest big buyers.
Last week, meanwhile, a comparative chart of Bitcoin “halving candles” put 2020 into perspective, showing how much potential was left before the current halving cycle ends in 2024.
Each candle propelled the BTC/USD pair at a price that was an order of magnitude higher than the previous one. 2024 should therefore produce a price of $100,000 if history repeats itself.