#bitcoin Bitcoin stalls, but chart watchers eye $300,000 peak: Here’s whenBitcoin price has stalled below $105,000, but a popular model points to a surge to between $275,000 and $300,000 by October this year.
Bitcoin Bitcoin
2.09%
Bitcoin was trading at $103,400 at press time, a few points below this month’s high of $105,900.
The Bitcoin Spiral Clock is a popular model that looks at Bitcoin price cycles around halving events. Halving is a process where Bitcoin’s rewards are slashed by half in a bid to control the supply of new coins entering circulation. It happens after every 210,000 blocks are mined, which happens after four years.
The spiral clock shows the historical price peaks and crashes. As shown below, Bitcoin stands at block 896,988, meaning that it is about 3:15 on the clock. The clock then predicts that Bitcoin will peak between $270,000 and $300,000 by October this year. The higher side of the prediction implies a 191% surge from the current level.
