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The Bitcoin price will hit $100K+ per BTC before 2022 according to popular Crypto analysts PlanB, Tom Lee, Anthony Pompliano and Bitmex CEO Arthur Hayes.
This is around the date of the Bitcoin (BTC) block reward halving, which would kick off the “bull run” sending the cryptocurrency to $100,000 before December 2021.
PlanB released the predictions describing them as his “2 sats on BTC price.” In a previous update in January 2019, he claimed BTC/USD would stay above its 200-week moving average (200WMA), which historically had always grown.
Stock-to-flow uses two indicators to chart Bitcoin’s price trajectory: the number of Bitcoins already available versus the number of new Bitcoins added to circulation.
Historically highly accurate, the model puts Bitcoin on par with gold in terms of its status as hard money with a supply that is virtually impossible to manipulate, unlike fiat currency.
In the long term, PlanB expects BTC/USD to trade at an average of $100,000 between 2021 and 2024.
After that, however, fiat weakness may reach such an extent that BTC (Bitcoin) appreciates to “a factor” of $100,000, at which point stock-to-flow would ironically become less useful.
Bitcoin is starting 2020 with a bang. With double-digit gains in January, the top cryptocurrency briefly breached psychological resistance at $10,000 over the weekend.
Even with the current pullback to $9,757, BTC is still up by over 36% year-to-date, with more upside potential this year, according to Fundstrat co-founder Tom Lee.
In a recent appearance on CNBC’s Power Lunch, Lee argues that Bitcoin is now at the start of a new bull run. “A lot of good things have happened with Bitcoin this year. One is the halvening is happening in May. But we broke above the 200-day [moving average] – so back in a bull market.
There is the corona[virus] risk and geo-political tension… Last year, I think Washington killed the Bitcoin rally.
But with the elections, it’s sort of not in the purview of Washington. So I think Bitcoin could rally very strongly from here.”
Regarding the projected strength of the rally, Lee adds, “When Bitcoin breaks above its 200-day, which it did about two weeks ago, its average six-month gain is about 190%. So this would point to all-time highs sometime this 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.