The Bitcoin Performance Since Difficulty Bottom chart is an indicator that shows the formation of a cup pattern that is peaking in spring 2021. This crazy analysis is what lets one analyst predict that Bitcoin (BTC) can top a price of $400,000 by then.
We are talking about PlanB and his latest tweet which is all over the latest cryptocurrencies news and shows the pattern.
#bitcoin $10k … it's getting really interesting now pic.twitter.com/jocvo3sluD
— PlanB (@100trillionUSD) February 18, 2020
The performance since the difficulty bottom chart indicates that following the weekend dip, business is resumed with Bitcoin back above $10,000 and most of the altcoins posting green today.
This crazy analysis also clears the bearish sentiment and in some places replaces it with bullish one (Chainlink and Tezos are a good example for gains). With this, we can say that bullish sentiment has once again returned and hodlers continue to dream of what might be good for the Bitcoin price in the near future.
Right on cue, the analyst with a handle @100trillionUSD also know as @PlanB tweeted the chart which is based on a ratio of current price over bottom price $3,700 in December 2018) against time and represented by the mining difficulty.
As such, the Bitcoin latest news show that there will be four distinct cycles, each beginning with low mining difficulty that corresponds with a low ratio of current price versus bottom price. In each case, this ratio increases in line with the mining difficulty until it peaks at around 120,000 to 140,000 blocks.
The current mining difficulty is at 80,000 blocks and based on the previous three cycles, there is some room for it to grow up until the cup ceiling. The crazy analysis by PlanB has been commented by many other analysts. However, PlanB also replied to a lot of people and one of his most interesting replies was the following that said:
“The Bitcoin halving is bigger than you know. The daily global #Bitcoin demand will be higher than the daily release of #BTC; this was not the case in 2012 or 2016. When the daily supply can’t fulfill the daily demand, we know what happens. We’re in new territory #Crypto kids.”
The Bitcoin halving is bigger than you know.
The daily global #Bitcoin demand will be higher than the daily release of #BTC; this was not the case in 2012 or 2016.
When the daily supply can't fulfill the daily demand, we know what happens.
We're in new territory #Crypto kids👍
— CRYPTO SHANGRI-LA (@XRPjedi) February 18, 2020
All in all, past performance is never a guarantee of future results which is why we advise all traders to take this analysis lightly and only see it as a potential target for the most dominant cryptocurrency.
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