Bitcoin is in a relatively strange position at the time of writing, but according to Plan B – a crypto analyst on Twitter – the currency is presently slated to take $100,000 within the next four years.
Plan B Is Confident in Bitcoin’s Future
The currency has hit something of a snag over the past 48 hours. Bitcoin was initially doing quite well last week, surging beyond both $10,000 and $11,000 respectively, and many believed that $12K would soon be within the leading cryptocurrency’s grasp.
Initially, this figure was hit on Sunday afternoon, though the currency only stayed in this range for about 30 minutes, and it wasn’t long before the asset soon found itself falling back into the mid-$10K range, unable to deal with the excessive bull patterns it was being subjected to.
At press time, the world’s leading cryptocurrency by market cap is now trading for about $11,400, meaning it has recovered somewhat from its wild dip.
This recent surge to $12K is reminiscent o the second and third times the currency tried to hit $10K this year. The first time was in February, and the asset hit this figure with general ease. It stayed above $10,000 for a few weeks until the coronavirus pandemic initially began paving its way through global financial markets, bringing the price of bitcoin and virtually all other tradeable assets down to some very ugly marks.
From there, the currency rose briefly above $10K in early May following weeks of hype and hoopla due to the asset’s alleged third halving, which occurred on May 12. This didn’t last long considering the event really didn’t amount to much. There was much more price activity for bitcoin during the leadup of the event, rather than during the halving itself, and users tried to put the situation out of their heads and concentrate on the next few months.
From there, bitcoin again rose above $10K in early June, though this rise lasted even less time than the previous jump, and within minutes, the asset was again trapped and rummaging through the $9,000 range. Now, with this recent fallback, it seems that most analysts might be a little bearish when it comes to bitcoin spiking any further, but Plan B feels differently.
In a recent tweet, he explained:
I can’t make a chart for you now (at sea), but the S2F model is perfectly on track.
$12K was Hit When the Model Said It Would Be Hit
As it stands, this model suggests that bitcoin will hit a whopping $30,000 by the end of the year. In 2021, bitcoin’s price will rise to $55,000, and the currency will then jump beyond $100,000 prior to its next halving in the year 2024.
The model further suggested that bitcoin would hit $12,000 when it did, which means that if it can keep this pattern up, perhaps $100,000 might be attainable.