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Bitcoin Could Rise or Plummet According to Analyst

PlanB confident about $100,000 average target.

Blockwatch
Photo by rawf8

According to a recent analysis, Bitcoin’s surge could hit as much as $100,000–or fall as far below as $30,000 come Christmas. This analysis came in the form of a Twitter update on Thursday and is by PlanB, the creator of the stock-to-flow family of BTC price models. 

PlanB Focused on Upcoming “Important” Months

This week, BTC/USD trading currently sits at $47,000. After having his prediction of minimum monthly close this August matches the current prices to a T, suffice it to say PlanB is feeling pretty confident about that $100,000 average. After all, if those remaining prices are just as accurate as his previous take, Bitcoin could finish the year sitting at $135,000. Pretty impressive!

Though Stock-to-flow’s original incarnation all but demands the average BTC price of $100,000 at this halving cycle, May’s about-turn did end up giving it’s precision a bit of a challenge there.

Having said that, however, PlanB has nonetheless stuck to his guns, claiming that as of right now it hasn’t been proven wrong or invalidated in any way. With no other alternatives to prove otherwise, it’s a solid argument. 

Well, kind of. But not really. While there certainly is one other alternative, which is the logarithmic chart of ‘diminishing returns, it’s very unlikely to come true. This was originally produced by a user from a Bitcoin forum back in 2014. 

PlanB believes that an adjusted version, which calculates a mere $30,000 for BTC/USD comes to the end of 2021, is less likely than the stock-to-flow’s $100,000 prediction. 

“Next months will be key,” he said regarding the contrasting charts. 

Pressure and Time: Predicting the Outcome

At the moment, BTC price analysis is pretty much on the more dangerously cautious side if we’re talking about this week. As $50,000 is all but out of reach, there are many different opinions over the potential impact of the US Federal Reserve’s annual Jackson Hole summit, all of them differing. The summit will shortly be underway. 

Now might be the time for some good ol’ fashioned optimism, however, with all the data insinuating some fresh surge before the end. 

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