Bitcoin (BTC) could surge to $100,000 or bottom out at $30,000 by Christmas but one of its best-known analysts is betting on the moon.<\/p>\n
In a Twitter update on Thursday, PlanB, creator of the stock-to-flow family of BTC price models, cast fresh doubt on a Bitcoin bear move.<\/p>\n
With BTC\/USD trading at $47,000 this week, PlanB has a lot to be confident about. <\/p>\n
His recent prediction of a minimum monthly close for August exactly matches current prices and if the remaining four are just as accurate, Bitcoin could end 2021 at $135,000.<\/p>\n
Stock-to-flows first incarnation demands an average BTC price of $100,000 this halving cycle, but Mays about-turn gave its time-tested precision a run for its money.<\/p>\n
PlanB has nonetheless stuck by it, arguing that it has not yet been invalidated and that there are no proven better alternatives.<\/p>\n
One such alternative model, which now appears unlikely to come true, is the logarithmic diminishing returns chart originallyproduced by Bitcointalk forum user Trololo in 2014.<\/p>\n
An adjusted version calculates just $30,000 for BTC\/USD at the end of this year, something that PlanB believes is less likely than stock-to-flows $100,000.<\/p>\n
Next months will be key, he added in comments on an accompanying chart contrasting the two models.<\/p>\n
As Cointelegraph reported, short-term BTC price analysis is erring on the cautious side this week.<\/p>\n
Related:More like shock-to-flow BTC price hits bull trigger as mystery buyers scoop up supply<\/p>\n
As $50,000 remains out of reach as support, opinions are differing over the potential impact of the United States Federal Reserves annual Jackson Hole summit, which is shortly to get underway.<\/p>\n
Despite rallying 60% versus recent lows of $29,000, Bitcoin has yet to challenge final resistance to cement $50,000, let alone all-time highs of $64,500 from April.<\/p>\n
Zooming out, optimism remains the name of the game, with data hinting at a fresh bullish surge to come before the year is out. This would copy other post-halving bull market years, notably 2013s double top.<\/p>\n
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\nBitcoin could hit $30K or $100K this year as analyst warns next months are key - Cointelegraph<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"