Bitcoin Races To $10,400 In An Explosive Crypto Market – What Could Endanger The $100k Prediction
The crypto market looks extremely exciting today, with the prices for most coins exploding.
After a few days of correction for BTC, yesterday, the most important coin began an impressive rally, and crypto analysts are looking forward to new highs this year.
At the moment of writing this article, BTC is trading in the green, and the coin is priced at $10,358.53.
The next level of resistance is, of course, $10,400, and it could be surpassed today if things continue on the same trend.
Bitcoin could hit $100k by the end of 2021
Despite the huge volatility in the crypto space, there have been various predictions regarding the price of BTC. One of the most popular ones was BTC hitting $100k by 2021.
This prediction was completely supported by anonymous analyst PlanB and he just updated this on Bitcoin’s price action over the next two years.
He said the stock-to-flow model is on point, and Bitcoin is poised to start a significant long-term bull run after the halving process which is scheduled in May.
According to PlanB, the model indicates BTC will not drop below $6,000. If it does, all bets are off.
*** 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
Someone commented: “200 week moving average is today about $5300 USD, so if we look at history this should be the lower floor level now. Not sure how you get to the $8200 level.”
Another Twitter user asked: “Didn’t you mention $100k is the average within the 2020-2024 price range? This is impossible with $100k being the top.”
PlanB responded: “I meant to say btc top will be above $100k (by a factor), consistent with S2F model of course.”
The online publication the Daily Hodl mentions that the “Stock-to-flow is designed to indicate how an asset’s price relates to its scarcity. It charts the amount of an asset in circulation divided by the amount produced per year and is typically used to track the price of precious metals.”
You probably know by now that BTC has a fixed supply of 21 million coins and halvings cut the amounts of new supplies that are entering the market every four years.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.