PlanB – the chart analyst behind the stock-to-flow model says Bitcoin could reach $288,000 or more this cycle. The analyst has over 25 years of experience in institutional investing.
According to PlanB, Bitcoin could reach $288,000 or higher in this cycle. Being highly confident in his model, PlanB thinks that the leading crypto could hit anywhere between $250,000 or $300,000 before plateauing around $100,000.
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Will Bitcoin Hit $288,000 Soon?
In Late September, the quantitative analyst recently told his followers that he expects Bitcoin to hit $100,000 or higher by December.
He said:
So what will Bitcoin’s December closing price be?
– S2F model says $100K
– Time model (logarithmic regression) says $30K
Next couple of months will be Interesting. My money is on S2F, of course.”
More recently, the analyst reiterated confidence in the view that the bitcoin cycle is ‘midway’. On October 2nd, PlanB tweeted:
“On-chain analyses finished tonight: IMO we are midway, no sign of weakness (red) yet. Note colour overlay is not months to halving but an on-chain signal. My guess: this 2nd leg of the bull market will have at least 6 more months to go.”
This suggests that the cycle could stretch well into 2022 before a blow off top phase grinds the market to a halt. Naturally, there’s a significant difference between $100,000 and $300,000, which ultimately comes down to the fact that nobody has a crystal ball.
That said, the analyst isn’t alone in making such predictions. Ark Invest’s Cathie Wood expects Bitcoin to hit $500,000 in the next five years. Another investment titan, Grayscale founder Barry Silbert has said that “$100,000 is a magnet [for bitcoin]“. The founder tweeted this on August 15, when bitcoin exchanged hands at $45,000.
Various other pundits and asset managers have compared the asset to gold too. In May 2020, Paul Tudor Jones was among the first of the traditional financial behemoths to announce his purchase of bitcoin, when it traded under $9,000. Months later, the billionaire investor said that even at $19,000 – the price was forward-looking.
Jones expects that Bitcoin’s $1 trillion-dollar market cap will eventually reach gold’s $10 trillion, telling Yahoo Finance that it [Bitcoin] will be substantially higher in 20 years than where it is right now.
His bet? “Bitcoin in particular will be substantially higher in 20 years than where it is right now.” Relative to gold’s “$8 or $9 trillion” market cap, and “God knows how many trillions of fiat currency,” bitcoin’s market capitalisation of $359 billion doesn’t add up, the hedge fund manager said.
Jones believes that digital currency will be used by every sovereign nation and that cash could be gone eventually.
Read More: Chamath Palihapitiya drops Hundreds of millions into Bitcoin
Bitcoin has risen about 10% in the last 24 hours, reaching $55,300 per coin earlier today.
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