Three new metrics for Bitcoin (BTC) point high despite the $ 10,000 being out of range for the BTC / USD pair this week.
As Timothy Peterson of asset manager Cane Island Alternative Advisors revealed, as of May 21, the main cryptocurrency was still firmly bullish by the three metrics he personally uses.
200-day moving average, Metcalfe and future lowest price
“I track 3 #bitcoin metrics: Metcalfe value, lowest futures price, and 200-day moving average”he wrote on Twitter.
April 29 was only the fourth time in history that they converged. The previous three were followed by a substantial upward trend in price.
Tracking the basket several years ago, the previous convergence occurred just before Bitcoin’s bull run that started in April 2019.
As Cointelegraph reported, the 200-day moving average has often played a role in determining long-term support and resistance levels for the price. It currently stands at $ 8,000.
Bitcoin’s Metcalfe value is a more complex quantum calculation, something Peterson wrote a dedicated guide about because of its implications.
“Bitcoin price provides a transparent look at Metcalfe’s law at work”, summarized at the time.
In the meantime, lowest forward price, formerly known as “never look back”, predicts a minimum value for BTC / USD on a given date. In April, Peterson noted that the value for December 31, 2020, was $ 10,400, identical to the Metcalfe value reading.
Bitcoin price, Metcalfe value, lowest futures price and 200DMA chart. Source: Timothy Peterson / Twitter
Everything is going according to PlanB
Quantitative analysts have rejected suggestions that Bitcoin is being affected by the third halving earlier this month.
The fall in prices occurred days before the event, followed by a recovery and then a less substantial decrease throughout this week.
Despite this, the price of Bitcoin is still within the range of the stock-to-flow price model, perhaps the best-known quantum tool among regular Bitcoiners.
PlanB, its creator, has shown that a price of $ 288,000 after halving is not unreal, and even twice as much is a possibility for the four years to the next halving.
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