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Saturday, October 16, 2021

Bitcoin Price Could Touch $30K Or $100K

The price of Bitcoin could reach $100,000 or bottom out at a price of $30,000 by Christmas- but most analysts have been betting on the former. In a Thursday update on Twitter, PlanB has put out fresh doubts on the bearish move of BTC. For the uninformed, PlanB is the creator of the stock-to-flow family of BTC price models. 

Plan B Focuses On “Key” Remaining Months For Bitcoin

With the current exchange of BTC/USD moving in at $47,000 this week, the creator seems to be pretty confident about his tweet. As it stands, his recent prediction of a minimum close for the month of August exactly matches the current prices. Even if the remaining four predictions are equally as accurate as of the former, Bitcoin would definitely end the year at $135,000. The first incarnation of stock-to-flow demands a BTC price of around $100K this halving cycle, but the about-turn in May will give it some time-tested precision. 

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Nevertheless, PlanB has stuck by his prediction, as he argued that it has not been negated yet, and there are no better alternatives on hand. Currently, there is a singular alternative model, which is more likely to be proven false, which is the logarithmic diminishing returns chart which was produced by Trololo, a forum user of Bitcointalk in 2014. Currently, there is an adjusted version that calculates the Bitcoin price at $30,000 at the end of the year, something PlanB hopes would be less likely than the $100k of stock-to-flow. 

 As has been reported by Cointelegraph, the short-term price analysis of Bitcoin will be erring on the cautious side this week. As the resistance of $50k still seems to be pretty out of reach, most opinions have been differing over the potential impact of the Federal Reserve of the United States’ annual Jackson Hole summit, which will get underway shortly. The cryptocurrency hasn’t yet challenged the final resistance to cement the price of $50,000, even though it has rallied 60% to a recent low of $29k. 

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