PlanB stated that high net worth individuals, institutional investors and countries hedging against quantitative easing would be the funding source for Bitcoin.
The possibility of Bitcoin rising up to $100,000 is the dream of every hodler. The reality is that it may be just a dream. However, PlanB, the creator of the original stock-in-flow that has repeatedly been quoted by analysts thinks otherwise and is quite optimistic about Bitcoin. In a recent tweet, they stated that judging from historical patterns, Bitcoin price may be poised for upward movement.
According to the text, the time for the digital currency to step ahead of the $10,000 region is imminent. Since the analyst has mostly been right, some in the crypto community is paying attention. He stated:
“You see the jump in model value at the halving (white line) and corresponding drop in S2F multiple / model error (white dots). Time to go up.”
In what they called a time series similar to the data charts of 2019, he maintained that the previous chart is considerably different from the present (September 14 chart) indicative that Bitcoin is tending towards becoming an asset class. Although he didn’t say if this is exclusively so, he compared the “phases”of the time chart and concluded that on the average, the price of BTC is expected to be up to $288,000 before 2024.
As inconceivable as the analysis may be, it is not what many bulls of the coin market have not anticipated. A recent release by CT stated that analysts such as Michael Van De Poppe saw similarities in the Bitcoin charts after the May halving with what obtained in 2016, the penultimate having year.
On September 14, he wrote:
“If you’d like to compare periods and market cycles, the current state of the market is comparable to 2016.”
He added that the price spike is going to be a slow one, with may sideways consolidations through 2020 and 2021 as seen in 2016.
When prompted on where the funds that’ll propel Bitcoin to more than $100,000 would come from, PlanB made reference to a blog post on S2F. He maintained that high net worth individuals, institutional investors and countries hedging against quantitative easing (QE) would be the funding source.
Other news about Bitcoin you can find here.
Chuks is a blockchain enthusiast and finance researcher that has covered the crypto sphere for several years. He believes that the evolving technology would change how we do business.