Pseudonymous crypto analyst PlanB Bitcoin is expected to reach $100,000 in this year, despite the current bearish sentiments The flagship crypto. This was said while the analyst provided an analysis of Bitcoins’ current price.
You Can Buy Bitcoins For $100,000 “Inevitable”
PlanB, in a YouTube clip on his channel, stated that he is a believer Bitcoin hitting $100,000 The year 2019 is a “inevitable.” Interesting, he said that the price of Bitcoin in this current market cycle is most likely only at $100,000. The Bitcoin Stock-to-Flow (STF), he noted, indicated that $500,000 was the average Bitcoin price.
But he also added that it doesn’t necessarily mean Bitcoin’s price Overnight, the Bitcoin price will rise to $500,000. The Bitcoin price top is not expected to occur this year, but rather in 2025. PlanB explained that the Bitcoin price can rise up to as high as $1 million From the perspective of STF
According to the crypto analyst, Bitcoin would need a much higher price than its average of $500,000; therefore $1 million seems like a very real possibility. PlanB has joined a small group of analysts who think Bitcoin will reach this ambitious level. Samson Mow of Jan3 is also an individual who shares this belief. also predicted Bitcoin’s price could reach $1,000,000. Mow, however, believes that such a price increase could occur this year.
Mow referred to an imbalance in the relationship between Bitcoin’s supply and demand This is the reason why he believes this. Bitcoin will continue to rise in value. “react accordingly” Miners’ compensation is halved during the Bitcoin Halving.
It is normal to have corrections even in a bull market
PlanB warning Bitcoin holders This bull market would have a great deal of volatility and these movements won’t be only to the positive, as investors can also expect “multiple -20% to -30% dips.” Then he said, “This is also included.” “very normal,” The best way to handle these dips is to not panic.
PlanB’s Statement echoes sentiments from Alex ThornGalaxy Digital’s Head of Research, who warned Even in bull markets, the market does not move up straight. Thorn said that the market also experienced significant price fluctuations. 2021 and 2017 bull run. He said there were approximately 13 drawsdowns greater than 10% in the bull market of the past, and about thirteen drawdowns equal to or exceeding 12% in the bull market of 2017.
Bitcoin, at the time this article is written, has dropped in value by around $6,000 over the past 24-hours. data CoinMarketCap.
BTC Price at $66,200 Source:| Source: BTCUSD on Tradingview.com
Featured Image from PCMag. Chart from Tradingview.com
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