Bitcoin (BTC) Is Reportedly Back On Track To $100k
Bitcoin optimistic predictions keep pouring in the crypto market. As you already know, the past week marked the return of the bulls and there were reportedly more reasons for which this had happened.
Gabor Gurbacs addressed three main reasons for which the bulls are back in the crypto market:
“CME Bitcoin futures expired
President Xi Jinping supports blockchain in China.
Crypto Capital CEO arrested. Exchanges, such as Bitfinex, may get some of the seized 850 million back.”
Bitcoin is on its way to $100k
The popular crypto analyst PlanB is back with another prediction. He says that BTC is back on track to hit $100k.
The analyst said that BTC’s stock-to-flow ratio shows BTC right on target.
— PlanB (@100trillionUSD) October 25, 2019
It’s interesting to note that last week, before the big rally of BTC, PlanB retweeted the analysis from fellow Bitcoiner Rob Wolfram, who said BTC came “within one standard error of his stock to flow model.”
This is an indicator that measures the amount of new supply that’s entering the market for a certain asset against its current available supply.
We recommend that you head over to the Daily Hodl’s original article in order to learn more details.
Another mind-blowing BTC prediction
In other news, it was recently reported that Clem Chambers, market analyst and CEO of global finance tracker ADFN, revealed that he believes the price of one BTC could surge up to $100 million or even more.
In a new article on Forbes, he wrote that due to BTC’s increasingly limited supply, he believes that one Satoshi could be worth $1 or more one day.
Each Bitcoin includes 100 million Satoshis, and this means that if he’s right, BTC could be worth $100 million.
At the moment of writing this article, BTC is trading in the red and the most important coin in the market is currently priced at $9,254.21.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.