Bitcoin will hit a new high before the end of this year
A mathematical model has calculated that the price floor for Bitcoin is around $40k. But predictions indicate that before the end of this year, Bitcoin will also hit a new high!
Recently we have seen an upward trend for Bitcoin. This after a big dip. Prices now fluctuate between $46.5K to $48.5K per digital coin. Meanwhile, Bitcoin proponents still believe there will be a significant second leg this year and a recent survey published by Plan B with 123,410 votes shows that people believe the coin will reach $100K by Christmas 2021. In addition, a pricing model created by Will Clemente called “Illiquid Supply Floor” indicates that Bitcoin prices will never fall below $39K again.
Bitcoin to a new peak
Plan B is a pseudo-anonymous Twitter account (@100trillionusd) and the creator of the Bitcoin pricing model called stock-to-flow (S2F). In the crypto world, this account is taken very seriously. Incidentally, he also tweets quite a lot about the Netherlands and the approach to the corona pandemic, and he does not always do so positively.
Plan B has stated in previous tweets that Bitcoin (BTC) prices may be sluggish in September, and this week said, “Let’s skip September and go straight to October.” Earlier in June, he predicted that Bitcoin prices will follow this path: August 47K, September 43K, October 63K, November 98K and December 135K. So far it fits nicely. But predictions remain predictions.
Research
Last week on September 11, Plan B decided to do a Twitter poll, as it has done several times in the past. Plan B has 799.1K Twitter followers, so its survey is going around on the social media platform. The survey addresses the question:
Do you think Bitcoin will hit $500K, $288K (S2FX model), $100K (S2F model) or will BTC stay below $100K… by Christmas 2021?
Nearly 125,000 votes were cast. 45.7% think it will reach $100,000. About 32.7% of those who voted think BTC will remain below $100K by Christmas 2021. 15.3% suggest they think $288K is possible. And 6.3% believe $500K per Bitcoin could happen by the end of the year. The value of the coin is mainly based on ‘faith and emotion’. This research shows that this is the case.
