Bitcoin Price Still on Track to $100,000 Despite Recent Drop | BTC Crash NOT Due to Coronavirus

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Cryptocurrency analyst PlanB states that the Bitcoin price is still following his stock-to-flow model, which predicts that BTC, the top crypto by market capitalization is set to hit $100,000 before December 2021. 

“S2F chart adjusted for today’s “crash” … nothing really happened, btc still spot on S2F track”

PlanB’s model attempts to forecast future price moves of Bitcoin (BTC) based on the correlation between the stock (the total available supply of the cryptocurrency) and its flow (the amount of newly minted coin).

So far, every reward halving has been game-changing for the crypto king, and the Dutch pundit doesn’t expect the forthcoming supply cut to be any different.

In May, miners will start earning only 6.25 BTC per block. PlanB forecasted that the BTC price would trade above $10,000 after this halving while gradually moving to the aforementioned $100,000 target.  

With the Bitcoin price tanking more than 10 percent, the cryptocurrency is showing anything but strength in the short-term.

Nonetheless, PlanB says that the cryptocurrency shows no sign of weakness just weeks before the halving since its mining difficulty is expected to increase by a ‘massive’ seven percent during today’s adjustment. 

Moreover, the analyst forecasts that BTC’s hashrate and difficulty will continue to increase after the Bitcoin halving, debunking the myth that there will be a miner capitulation. 

Bitcoin Drop Due to 13K BTC PlusToken Scam, Not Coronavirus – Analysts

Bitcoin (BTC) began its sudden crash due to another giant sell-off from the PlusToken pyramid scheme, analysts are suggesting as BTC/USD lost $8,000 support.

According to various online commentators citing Blockchain data, participants in the $2.9 billion scheme are again attempting to rid themselves of their BTC.

Ergo, the Twitter account that closely tracks PlusToken’s activities, put the total funds involved at around 13,000 BTC or roughly $210 million at the current market price.

This time, Ergo said, the coins were going to mixing services to hide their traceability. Two feeder addresses have been identified, shedding their balances on March 5.

“Been looking and theorizing about this for months and I can’t see a scenario where the coins aren’t being sold, at least to some degree,” the account summarized. 

“This was likely obvious to the exchanges starting in September. The accounts would have been frozen then.”

The account added, however, that selloffs were now occurring at a “much slower rate” compared to a more intense period of activity in August last year.

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

https://cointelegraph.com/news/bitcoin-drop-due-to-13k-btc-plustoken-scam-not-coronavirus-analysts

https://u.today/bitcoin-btc-price-still-on-track-to-100000-despite-recent-drop-this-analyst-explains-why

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