Bitcoin (BTC) has plenty of room to gain in the current bullish move, and analysts including PlanB say it will “not stop” at $ 100,000.
In several social media posts on Wednesday, the creator of the Bitcoin Pricing Model teamed up with others to predict a big new full-time high for BTC / USD.
PlanB cuts the average price of a S2FX to $ 288,000.
With bitcoin trading sideways below its recent highs of $ 58,300 and $ 61,700, investors are wondering how the bullish trend might end in 2021.
According to the Cointelegraph report, depending on the price indicator used, the top could be uncomfortably close or still far away. For proponents of the shift from stocks to electricity, the answer is unequivocally the latest: compared to previous bulls, 2021 is only just beginning.
“We have been in the bitcoin beef market for only 3.5 months,” Plan B concluded.
“IMO BTC will not stop at $ 100,000, but it will continue to maintain the average S2FX price level of $ 288K (Note will be higher).”
He cited his models from stock to capacity (S2F) and stock cross to capacity (S2FX), which predicts an average BTC / USD price of $ 100,000 and $ 288,000 over the current half-cycle. It should end in 2024.
However, that’s just average, and PlanB believes the peak of this cycle could be double the numbers, or even more – maybe over $ 576,000.
6 times the gains by December?
Bitcoin currently follows the path from stock to energy almost to trades – “like a clock” as PlanB describes it – and has yet to provide any indication of the approaching peak of the cycle.
As an analyst at Rekt Capital notes, these signs tend to indicate that BTC / USD is missing the planned path.
“Bullish price deviations from the equity line to the flow line tend to outpace BTC peaks in a bull market,” they wrote on Twitter.
“Currently, the US dollar Bitcoin is perfectly following the stock up to the flow line. But Bitcoin hasn’t deviated from that – yet.”
Bitcoin share and flow ratio chart highlighting discrepancies. Source: Rekt Capital / Twitter
Despite the fact that the stock-to-capacity model was not present during the price peak of the first round of Bitcoin doubling in 2011, the deviation from the path reached 1157%.
As a continuation, PlanB set December as a deadline of $ 288,000 to meet. In his Twitter replies, he said driving the beef “takes at least another few months”.