The three new Bitcoin metrics point to an upward flight, although the $ 10k level on the BTC / USD pair is still inaccessible recently.
As Asset Manager Timothy Peterson from Cane Island Alternative Advisors explains, Bitcoin is still showing bullish firmly, according to the metrics it uses.
200-Day Moving Average, Metcalfe’s Law and Lowest Price
Peterson: “I follow 3 Bitcoin metrics: Metcalfe’s law, low price and 200-day moving average.” he reported.
“On the 29th of April, the fourth convergence took place. In the previous three convergences, a significant upward trend in price was observed. ”
Convergence a few years ago occurred just before Bitcoin’s bull run, which began in April 2019.
The 200-day moving average metric often played a role in determining long-term support and resistance levels for the price. Currently this average is around $ 8,000.
Bitcoin’s Metcalfe law metric is also known for measuring the value of a network by the square of the number of users.
On the other hand, the lowest price metric provides a minimum value for BTC / USD on a given date. As a result of these metrics, Peterson stated that the value of December 31, 2020 was $ 10,400.
PlanB Still In Game
Quant analysts suggested that Bitcoin received a hit from the third block subsidy earlier this month.
There was a price drop days before the half-time event, followed by improvement, followed by a slight decline during this week.
Regardless, Bitcoin price is still seen in the stock-flow model price range.
The creator of the model, PlanB, said that a price of $ 288,000 that would occur after the split was unrealistic.