Bitcoin Could Hit $ 30,000 or $ 100,000 This Year As Analyst Warns "Next Months Are Key"

Bitcoin ( BTC ) could climb to $ 100,000 or hit $ 30,000 by Christmas – but one of its best-known analysts is betting on the moon. In a ...


Bitcoin (BTC) could climb to $ 100,000 or hit $ 30,000 by Christmas – but one of its best-known analysts is betting on the moon.

In a Twitter update On Thursday, PlanB, creator of the stock-to-flow family of BTC price models, cast further doubt on a bearish move in Bitcoin.

PlanB focuses on the remaining “key” months

With BTC / USD trading at $ 47,000 this week, PlanB has much to be confident about.

Its recent prediction of a minimum monthly close for August exactly matches current prices – and if the other four are just as accurate, Bitcoin could end of 2021 at $ 135,000.

Stock-to-flow’s first incarnation demands an average BTC price of $ 100,000 this halving cycle, but May’s turnaround gave its proven accuracy a run for its money.

PlanB stuck to it nonetheless, arguing that it has yet to be invalidated and that there are no better proven alternatives.

One of these alternative models, which now seems unlikely to materialize, is the logarithmic graph of the original “diminishing returns”. product by Trololo, Bitcointalk forum user in 2014.

An adjusted version only calculates $ 30,000 for BTC / USD at the end of this year, which PlanB says is less likely than the $ 100,000 of stock-to-flow.

“The next few months will be key,” he added in comments on an accompanying chart contrasting the two models.

BTC / USD price pattern comparison table. Source: PlanB / Twitter

When to double up?

Like Cointelegraph reported, the short-term BTC price analysis is cautious this week.

Related: More like ‘shock-to-flow’ – BTC price hits bullish trigger as mystery shoppers take back the offer

While $ 50,000 remains out of reach for support, opinions differ on the potential impact of the US Federal Reserve’s annual Jackson Hole summit, which is about to begin.

Despite a 60% rally from recent lows of $ 29,000, Bitcoin has yet to challenge final cement resistance of $ 50,000, let alone April’s all-time highs of $ 64,500.

As you zoom out, optimism remains the watchword, with data hinting at another bullish surge to come before the end of the year. That would do copy other years of post-halving bull market, notably the double top of 2013.