Bitcoin Is On Course For $100,000 Following Next Year’s Halving
The crypto market is struggling to recover these days after the recent BTC fall.
At the moment of writing this article, Bitcoin is trading in the green and the most important digital asset on the market is priced at $7,296.40.
Bitcoin is reportedly on its way to $100k
Plan B’s latest outlook on crypto is going viral.
The analyst said that despite Bitcoin’s wild ride in 2019 with heights close to $14k and lows nearing $3,000, BTC is still on the course to ht $100,000.
The halving is one of the strongest catalysts for BTC’s growth
He said that BTC’s halving, which will likely happen in May 2020, is one of the strongest catalysts for the future growth of BTC.
“In my opinion, the run-up is not bearish at all, we are close to the S2F model value, like [the] last two halvings. The only thing that surprises me is why we don’t see front running.”
Plan B said that the most important coin in the crypto market would likely hit $100k between 2020 and 2023.
The stock-to-flow ratio measures the existing supply of Bitcoin against the amount of BTC entering circulation, analysts use this for commodities such as gold in order to show how the scarcity or abundance of an asset is tied to its value.
Alex Krüger doesn’t believe that the indicator is reliable
On the other hand, analyst and economist Alex Krüger says stock-to-flow is far from reliable.
“Amazing how so many bring up S2F these days whenever anyone mentions bitcoin supply… I don’t think it is very important, it is massively over-hyped,” he said.
He continued and explained that “The Stock to Flow model is to bulls, what the Tether Manipulation paper is to bears. Both based on fancy looking statistical models (more so the latter). Both are flawed.”
The Stock to Flow model is to bulls, what the Tether Manipulation paper is to bears. Both based on fancy looking statistical models (more so the latter). Both are flawed. Doubt whoever believes in these extremes will change their minds. The mind believes what it wants to believe.
— Alex Krüger (@krugermacro) November 6, 2019
Not too long ago, we reported that analyst Mati Greenspan also believes that BTC flashes a strong bullish signal.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.