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The upward trend in Bitcoin prices continued at 6,000 USD on 6 May, with the dominant market having reached its highest level since its record high in December 2017.
Bitcoin Bull Run is gaining momentum
Cryptocurrency exchange data Bitstamp Bitcoin price tracker traditionally more conservative and CoinMarketCap confirmed the ongoing transformation of the largest cryptocurrency by market capitalization.
This market capitalization now accounts for 58% of the total cryptography market – the last time Bitcoin's share was so high, Bitcoin's price was at its highest historic level, at around USD 20,000.
At the time of going to press, BTC / USD 00 once again asked for more than $ 6,300, after peaking at $ 6328 before, a new record since November 2018.
Friday's performance ensures that Bitcoin's weekly earnings reach nearly 10 percent, while monthly gains now exceed 20 percent.
Bitcoin Award 'On track for $ 55,000 in 2020'
While analysts are questioning Bitcoin's next decision, the almost parabolic gains of the past two months have fully proved the existence of a Bitcoin price forecasting model.
Known as stock index, the social media analyst known as Plan B frequently postulates that the size of existing stock versus annual output can produce a reliable price model for bitcoin.
According to this week's results, the model runs almost flawless – even taking into account Friday's move above $ 6,300.
In addition, according to the stock at run-off, the price of bitcoins is expected to reach a new record of more than 50,000 USD by May 2020.
"(Bitcoin) is now starting at $ 4000 […] 6250 USD, exact value of the Stock-to-Flow model, Plan B tweeted.
"Will Bitcoin stay here up to half … or will the markets be worth the $ 50,000 model in May 2020?"
As Bitcoinist As mentioned above, May 2020 will be an important date in Bitcoin's history, as the overall reward size will be halved to 6.25 BTC.
Various researches have postulated that the repercussions of this event, in line with the previous ones, should raise the price of Bitcoin in advance.
"There is a statistically significant relationship between stock at purchase value and market value. The probability that the link between the value of the stock at market value and the market value is caused by chance is almost zero, "wrote Plan B in a blog post in March.
The model predicts a market value in bitcoins of $ 1 billion after the next halving in May 2020, which equates to a bitcoin price of $ 55,000.
At the same time, Altcoins failed to capitalize on Bitcoin gains, with the majority of leading chips showing zero or even negative performance in the past 24 hours.
Binance Coin is one of its most outstanding underperformers, having reached a record $ 40 million following the issuance by the issuer Binance this week.
Is the new bull market of the BTC here? Let us know in the comments below!
Images via Tradingview.com, Shutterstock, Twitter@ 100trillionUSD
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