Bitcoin surpasses the period after halving 2016 which set a record of $20,000

Bitcoin surpasses the period after halving 2016 which set a record of $20,000


New data from ChartsBTC shows the current year’s BTC trend exceeds the bullish period after halving in 2016, when a record high price (ATH) of 20K USD was reached in 2017.

Positive sentiment of Bitcoin market

The price of Bitcoin is a stone’s throw away from the historical high of $20,000, because it is currently trading at $18,340. BTC has been growing in price since it reached the bottom of about $3,800 in March on the background of the birth of coronavirus (COVID-19).

The onchain analytics platform suggests that the trend of halving by 2020 is between trends in 2012 and 2016, with the former higher.

With the halving index, ChartsBTC showed that Bitka’s value is now 2.2 times higher six months after the May event. Compared to the same period in 2012 and 2016, this value was 1.3 times.

The bullish race observed so far testifies to the positive mood of the Bitcoin market. For example, Glassnode, the Blockchain data analytics firm, recently reported that BTC-mining revenue reached $21 million per day. And this is a new high.

In addition, bitcoin whales still show confidence in this digital asset because crypto wallets containing at least 10,000 BTC reached record levels earlier this month.

Thus, it is still unknown whether Bitok will fly to the moon a year after the May halving, because the record high price of $20,000 was reached just over a year after halving in 2016. Recently, economist and crypto-analyst Alex Krueger suggested Bitka’s price could climb much higher if Tesla made a move to the meeting.

Bitcoin and Tesla – Two Assets Show Similarities

Economist and crypto-analyst Alex Kruger believes Bitok could “pull the Tesla behind him” when asked when it would be the right time to reduce Bitcoin’s exposure.

Tesla shares have risen strongly this year, up more than 380 percent since the start of the year. Tesla’s overall growth in 2020 met the expectations of many investors and even surpassed past fundamentals, which could also be Bitcoin’s coming price trend as Kruger compared these two assets.

He recently did so again, saying that if Bitcoin worked just like Tesla shares, its value could reach $125,000.

Kruger said there is much in common between Tesla and Bitcoin shares as they are both “iconic assets” and attract masses of people. Another similarity between the two, as Kruger explained, is that they both had a wide multi-year consolidation range and vertical bullish growth that was caused by positive events.

Institutional adoption also supported Bitcoin’s bullish growth this year, with PayPal, Square and other corporations joining the crypto industry. Pantera Capital said that since the launch of PayPal, bitcoin trading volumes had begun to grow. PayPal already buys almost 70% of Bitcoin’s new offer. Within a few weeks, PayPal will purchase more than there are recently released crypto assets.