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Bitcoin Price Is Performing Exactly As Predicted – Analyst PlanB

Bitcoin (BTC) started the new week with bullish momentum after recovering on March 1 following a steep drop during the weekend.

 A leading analyst in the industry thinks that the BTC price is performing exactly as predicted.

Famous analyst PlanB, the creator of the stock-flow price model, pointed out Bitcoin’s February closing in its March 1 post. The analyst suggested that BTC closed last month at the level predicted by the stock-flow cross-asset model:

Watch out for the new orange point: Bitcoin closed February at $45,240! (January closing was $33,141, current rate $46,500) Everything is working perfectly.

Stock-flow cross-asset (S2FX) model. Source: PlanB/Twitter

PlanB said that after Bitcoin closed in January at $33,141, the stock-flow model “transitioned to phase 5”  and 2021 would be an extraordinary year for Bitcoin. The analyst thinks that the BTC price will see $85,000 by May and that it will be at a point between $100,000 and $288,000 by the end of the year.

The creator of the stock-flow model is not alone in his positive predictions about Bitcoin. Despite Bitcoin experiencing a correction of more than 20%, influential figures in the crypto market continue to look positively towards the premier cryptocurrency.

Tom Lee, the co-founder of market research firm Fundstrat, said on February 23  that corrections of up to 40% to 50% are normal and the BTC price is targeting $100,000.

Samson Mow, CSO of blockchain technologies provider Blockstream, is also among the names Bitcoin fans not deterred by the recent Bitcoin sell-off. According to him, Bitcoin will see a new all-time high (ATH) at $100k by May.

Since Bitcoin rebounded strongly from the drop to $43,000 over the weekend, there is a high probability that it could rally to $56,000 in the next impulse wave. However, at the time of writing, the BTC/USD trading pair is changing hands at $48,946, up 8.11% in the last 24 hours. 

If you have any questions and comments on Bitcoin today, use the form below to reply.

© MarkStevenson for Commodity News, 2021. | Permalink | No comment |
Published under: Bitcoin

Via Commodity News

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