Bitcoin is still on an upward trend after hitting the $10,000 mark over the past weekend. The crypto market remains upbeat about the cryptocurrency’s future trend with various analysts suggesting that the digital currency will hit new highest price.
Earlier this week, the market was left sweating over a potentially huge correction as the price begun retracing back to four figures, reaching a weekly bottom of $9,740. There were even genuine fears that Bitcoin would likely turn bearish so soon after hitting the much anticipated $10,000 valuation. These fears were however quashed the following day with Bitcoin gaining over $300 in just 3 hours to resume trading at over $10,100 on Tuesday.
In the midst of this fear, uncertainty, and doubt (FUD), a renowned twitter-based crypto analyst, PlanB, provided some perspective about the Bitcoin price by making 3 bold predictions. PlanB opined via a tweet that Bitcoin price is unlikely to go below $8,200 in 2020. He also predicted that the cryptocurrency will be priced above $10,000 by the upcoming May halving. He also predicted that a bull run will begin post-halving and hit a high of $100,000 by December 2021.
*** Update: my 2 sats on #bitcoin price:
– 2020: btc stays above $8200 (so we are NOT dropping to $6k or $4k levels that others are predicting now)
– May 2020 halving: will be above $10k
– 2021: bull run starts after the halving and tops $100k before Dec 2021#NotFinancialAdvice https://t.co/Zkkma4ZBSd
— PlanB (@100trillionUSD) February 10, 2020
These predictions will come as a huge relief to bitcoin investors who have endured a prolonged bear market for the past 2 years. The forecasts also provide affirmation of the upward trend and quashes the FUD surrounding doomsayers’ projections that Bitcoin could potentially decline to $6,000 or even $4,000 levels.
Bitcoin investors will also be pleased to know that PlanB’s recent prediction is still within the price action he forecast a year ago. The creator of the popular Bitcoin stock-to-flow pricing model had stated via a tweet in January 2019 that the price would not fall under its 200-week moving average pivot. This has proven to be the case with Bitcoin staying above $3,200, its 200-week moving average. His earlier tweet had also predicted that the cryptocurrency would be trading at around $8,000, a figure which has now been updated to $10,000 based on the prevailing market conditions.
My 2 cents on #bitcoin price:
– 2019: btc stays above 200-week moving average (now $3200 and historically never declining)
– 2020 halving: will be around $8000 (blue), on trend-line like 2012 & 2016
– 2021: bull run starts after the halving (red) and tops $100k in 2021 (orange) pic.twitter.com/UpRKDPRswM
— PlanB (@100trillionUSD) January 9, 2019
PlanB’s invention, the stock-to-flow pricing model, has become a useful tool that provides useful insights in a volatile market that is otherwise quite difficult to obtain reliable projections.
PlanB’s forecasts have been affirmed by Morgan Creek’s co-founder, Anthony Pompliano, who also believes that Bitcoin will hit $100,000 by the end of 2021. Pompliano cited an increasing demand and reducing supply as the fundamental drivers of the price rally.
Based on these projections, it is clear Bitcoin has a brighter future. For now we sit back, Hodl and wait.
Image courtesy of Pixabay
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