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Cryptocurrency News Articles
Bitcoin Poised to Break $100K Barrier, Analyst Predicts
Apr 04, 2024 at 06:44 am
Popular quantitative cryptocurrency analyst PlanB predicts that Bitcoin's price will reach $100,000 in 2021. Based on his Stock-to-Flow model, he also projects a peak above $200,000 during the current bull cycle, potentially surpassing $1 million in the future. PlanB emphasizes the potential for volatility, but states his intention to continue holding Bitcoin for the next year.
Bitcoin Poised to Soar Past $100,000 Threshold, Analyst Predicts
Renowned quantitative cryptocurrency analyst PlanB, celebrated for his pioneering Stock-to-Flow (S2F) model, has boldly declared that Bitcoin's (BTC) ascent to the coveted $100,000 milestone this year is an "inevitability." Moreover, he envisions BTC eclipsing the $200,000 mark during the forthcoming bull market cycle, with the potential to shatter the $1 million barrier.
In a compelling video posted on YouTube, PlanB shared his unwavering conviction with his vast subscriber base of over 140,000 that BTC's price will inevitably breach the $100,000 threshold this year. He went so far as to express his belief that a mere $200,000 peak for the cycle would constitute an underwhelming outcome.
The S2F model devised by PlanB delves into the intricate dynamics of supply and demand, with "stock" representing the magnitude of existing stockpiles or reserves and "flow" denoting annual production. The model's meticulous analysis led PlanB to predict a price peak in 2025, emphasizing that a $200,000 zenith would be an unsatisfactory result.
Expanding upon his model's implications, PlanB projected a peak well beyond $500,000, potentially reaching dizzying heights of $600,000, $700,000, or even an astonishing $1 million per BTC. However, the astute analyst cautioned viewers about the potential for significant volatility during the upcoming cycle, including corrections ranging from 20% to 30%.
PlanB emphasized that his insights should not be construed as financial advice. Nonetheless, he disclosed his personal strategy of retaining his Bitcoin holdings for the next 12 months, intending to re-evaluate his position once the market transitions from a bull market to a distribution phase.
Presently, Bitcoin hovers around the $66,000 mark, having weathered a substantial correction over the past week. In a timely memo addressed to investment professionals, Matt Hougan, the Chief Investment Officer of Bitwise, shared his astute observations on navigating the tumultuous waters of today's crypto market. Specifically focusing on Bitcoin, Hougan expressed a long-term bullish outlook, asserting that "Bitcoin is in a raging bull market."
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