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Bitcoin Price on track for $100,000 in 2021…
Stock-to-Flow measures the BTC price using two factors: the stock – the number of Bitcoins in circulation – and the flow, which is the number of new Bitcoins entering circulation.
Bitcoin’s low emission rate relative to its existing supply – like gold – means Stock-to-Flow constitutes useful evidence in the argument that Bitcoin (BTC) is “digital gold.”
The cryptocurrency’s run-up to $9,000 last week took it slightly over where Stock-to-Flow pricing forecasts suggested it might trade.
Stock-to-Flow’s creator, the analyst known as PlanB, originally suggested that Bitcoin would hover at an average of in the year before its block reward halving in May 2020.
At that point, a 50% reduction in the number of new Bitcoins released to miners each block would further limit the flow versus the existing stock.
Thereafter, he has said, price performance should accelerate dramatically – by 2022, a single Bitcoin should be worth around $100,000.
In other Crypto news, one prominent analyst is noting that Bitcoin is currently on the brink of a massive parabolic rally that could send it to fresh all-time highs, although the cryptocurrency needs to break through a resistance level that currently sits roughly 64% above its current price.
Bitcoin’s Ongoing Rally Could Soon Turn Parabolic if Bulls Push it Above $14,200
In order for this ongoing rally to be more than just a fleeting relief pump, bulls will need to build major strength and push it above $14,200.
NebraskanGooner – a well-respected cryptocurrency analyst on Twitter – spoke about the importance of this level in a recent tweet, telling his followers that a weekly close above this price would open the gates for a rapid parabolic climb to fresh all-time highs of $75,000.
“History tells us that a weekly close above the 0.65 fibonacci will send BTC into a new parabolic bull run. The 0.236 fib has often acted as a bottom and the 4.23 fib has been exceeded each time. This means a weekly close above $14,200 would see BTC reach over $75,000,” he explained while referencing the levels marked on the below chart.
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