On October 1st, the Munich-based German state-owned bank BayernLB Bank released the latest research report, which seems to indicate that the upcoming halving effect of Bitcoin has not yet been reflected in the current price of about $8,300. The author summarizes the report by observing the future price of Bitcoin. He said that the inventory and circulation ratio of Bitcoin will definitely increase significantly in May 2020. "If the inventory and circulation of Bitcoin in May 2020 will be stock-to The -flow) ratio is included in the model, with an approximate price of $90,000. This would mean that the upcoming halving effect is hard to be reflected in the current bitcoin price of about $8,000."