KRAKEN’S DAN HELD SAYS BITCOIN TARGETING $100K! BTC WILL TAP $100K-$288K ‘BEFORE’ DECEMBER 2021!

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$100K Bitcoin Prediction

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PlanB, the creator of the stock-to-flow (S2F) model, reiterated on Nov. 8 that the Bitcoin price is well on its way to hit $100,000.

The pseudonymous analyst expects the dominant cryptocurrency to achieve the $100,000 to $288,000 range by December 2021.

Bitcoin would have to increase by around 545% from the current price to surpass $100,000.

At that price point, the market capitalization of BTC would near $2 trillion, or roughly the same as Apple, the world’s most valuable company. 

The S2F model attempts to predict the long-term price trend of Bitcoin by evaluating its supply.

Namely, it takes into consideration its fixed supply and the block reward halving, which reduces the rate at which new BTC is produced or “mined.”

The theory behind S2F is that as the supply of Bitcoin decreases over time and inflation would continuously rise.

These two factors could theoretically amplify the uptrend of the top cryptocurrency.

Based on Bitcoin’s supply curve and the halving cycles, S2F puts the expected valuation of BTC at $5.5 trillion.

The model predicts Bitcoin to reach a multi-trillion-dollar valuation before 2024.

The model reads:

“S2FX model estimates a market value of the next BTC phase/cluster (BTC S2F will be 56 in 2020–2024) of $5.5T. This translates into a BTC price (given 19M BTC in 2020–2024) of $288K.”

In a tweet, PlanB said he remains confident the S2F model’s $100,000 price projection for Bitcoin would materialize.

2021 is particularly important for Bitcoin because it follows a highly anticipated block reward halving in May 2020.

Six months ago, Bitcoin experienced its third halving in history.

This decreased the number of BTC mined each day by half, which would cause the circulating supply to drop over time.

The analyst wrote:

“People ask if I still believe in my model. To be clear: I have no doubt whatsoever that bitcoin S2FX is correct and bitcoin will tap $100K-288K before Dec2021. In fact I have new data that confirms the supply shortage is real. IMO 2021 will be spectacular. Not financial advice!”

So far, following the halving, Bitcoin has increased from $8,700 to $15,500, recording a 78.1% rally in six months.

On-chain analysts like Woobull.com creator Willy Woo say that the total supply of Bitcoin is lower than often thought.

While the total supply of Bitcoin is 21 million, there is a high number of BTC that is lost or dormant that can no longer be accessed.

Woo said:

“Total supply of Bitcoin will not be 21m, it’ll be around 17m as many coins died in the fight for being acknowledged as something valuable in the early days. This means 0.002 BTC per person on the planet.”

As such, PlanB expects Bitcoin to follow the S2F model as the available supply and the amount of new Bitcoin mined decreases over time. 

In other trending Bitcoin News today:

“WHY THIS ANALYST THINKS BITCOIN HITS $17,000 IN THE NEXT WEEK”

Analysts are optimistic that Bitcoin could resume its ascent, potentially towards $17,000 or even $18,000 as the trends of this market remain positive:

“I think there’s a decent chance bitcoin breaches $17k and even into $18k in the next 10 days (next weekly candle). We are due for a decent mid timeframe blowoff and chill for a bit and wicking into the ATH cluster just feels so right…

The path to $18k or ATH wick seems the path of least resistance. Nobody wants to sell until then and everybody is buying dips. Easiest way to create market balance is to do it quickly then let the market chop around a bit.”

The aforementioned trader isn’t the only one calling for Bitcoin to hit $17,000 in the near future.

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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/s2f-creator-has-no-doubt-bitcoin-will-hit-100k-by-december-2021

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