The price of bitcoin (BTC) is expected to reach $ 30,000 in its current price cycle, as suggested by new data based on the difficulty of extraction.
September 10, the famous analyst PLAN B a statistic publishes the rate of bitcoins as a combined percentage of the lowest difficulty levels. The number of blocks since the last minimum has also been taken into account in this statistic.
The difficulty indicates how difficult it is to find a hash under a given target. Or more simply, the difficulty measures the complexity of the equations that minors must solve to validate blocks of bitcoins transactions.
This can be used to measure the extent of competition between Bitcoin miners for the next block. The stronger the competition, the more incentive there is to increase the difficulty.
Bitcoin is said to reach $ 31,000
Bitcoin has experienced several cycles of difficulty in its past, according to PlanB. The course is much lower each time compared to the last minimum of the level of difficulty.
Stabilization implies that the high price of Bitcoins of USD 1,300 by the end of 2013 represents a 50,000% increase over the last level of difficulty. By the end of 2017, the increase to 20,000 USD corresponded to a leap of around 9,000%.
Bitcoin percentage rate with low mining difficulty Source: PLAN B
No price movement up to now
According to this model, the next summit would be even lower – by 2021, it will be about 1,000%, or about $ 31,000. When the difficulty reached its peak in December 2018, the pair BTC / USD rose to $ 3,100.
"Juhu, a flea market for babies", as Bitcoin social media personality Parabolic Trav commented this result.
As Cointelegraph pointed out, Bitcoin's specifications are increasingly in conflict with its course. Other aspects, such as the hash rate, continue to reach new heights. On the other hand, the price stagnated and did not benefit from the bull market, which really began in April.