After the Monday fall, $ 3700 level still holds as support.
The price movement develops in lateral pattern between $ 3700 and $ 3900 boundaries. The price leaning to the $ 3700, hinting at a soon testing of the $ 3500 – $ 3700 support zone, which is the main support of the turnaround pattern. Breakthrough below the support zone will lead to cancellation of the turnaround pattern and possible further development of the bearish tendency.
Trading Bounds: $ 3500 – $ 4000.
🔹 Plan B and power law
Twitter user Plan B has again made a bitcoin price forecast based on a power law. So, in his opinion, the price of Bitcoin will reach $ 17,317 by the end of 2020.
“Price follows hash rate .. Price = 0.005 * Difficulty ^ 0.46” – plan฿ @100trillionUSD
“Bitcoin price and difficulty seem to have a power law relationship: Price=0.005*Difficulty^0.46 like Kepler’s third law: Orbital period=Distance to the sun^1.5” – plan฿ @100trillionUSD
Previously, he conducted a small social survey, in which most of the respondents answered that he expects the growth of mining complexity in the next two years. In turn, Plan B emphasized that the price of the first cryptocurrency and the complexity of its production can be interdependent in accordance with a power law.
“#bitcoin difficulty is 5,106,422,924,659
What will difficulty be 2 years from now (end of 2020)?
– (7%) -50% (death spiral)
– (7%) 5,106,422,924,659
– (59%) 10X (50E12)
– (27%) 100X (500E12)” – plan฿ @100trillionUSD
Recap that earlier, on 5th of October Plan B suggested that the price of Bitcoin will start to grow closer to the date of the halving.
“#bitcoin halving: only 19 months to go … we are in the green zone!” – plan฿ @100trillionUSD