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Bitcoin price has broken into new ATH, does it tag $135,000 by the end of the year?

As AZCoin News reported, Bitcoin price crossed $67,000 for the first time, touching $67,523.28 in recent trading. And just recently, BTC hit a new all-time high, with the asset last changing hands in the $67,000 mid-range. At the time of writing, BTC is trading at $67,448.

bitcoin-price-has-broken-into-new-ath-does-it-tag-135000-by-the-end-of-the-year

BTC/USD 4-hour chart | Source: TradingView

Will Bitcoin price break above six figures before Christmas?

BTC has pushed into an uncontested price, with bulls firmly in control of the market as price action retests the previous high of October 20 of around $67,000. Since early October, the markets have been in bull mode, the total cryptocurrency market adding nearly $1 trillion to its total value in just one month. The total market capitalization of cryptocurrencies has reached almost $3 trillion, according to data from CoinMarketCap.

Stock-to-Flow (S2F) model creator PlanB is getting a lot of attention. Accordingly, he predicts with incredible accuracy that Bitcoin will close August near $47,000 and end September near $43,000 while estimating October’s closing price by just 3%. Looking forward, S2F suggests that Bitcoin will close in November above $98,000 and hit $135,000 by year-end, with many betting on predictions that Bitcoin will trade in the six-figure price range before 2022 on PlanB’s outlook for the markets.

Using the S2FX model, PlanB has speculated that this bull cycle could see Bitcoin trade for $288,000 next year, with the analyst stating the markets will need to see some real fireworks in 2022 for the projection to play out.

“As you know S2F model predicts $100K average for this halving period (and based on floor model we reach $100K this yr). But S2FX model predicts $288K average this cycle (we need some real fireworks in 2022 for that). Lewon’tee where this 2nd leg of the bull market will take us”, PlanB stated.

bitcoin-price-has-broken-into-new-ath-does-it-tag-135000-by-the-end-of-the-year

Source: PlanB/Twitter

A recent Twitter poll from PlanB showed that out of 242,000 respondents, 39.8% believe Bitcoin will hit $Ether’s by Christmas, while 31.4% predict BTC will be traded with a “rice a” $288,000 and 23.8% predict the market won’t break through the six-figure mark by Dec.

At the same time, Ether, the second-largest cryptocurrency by market capitalization, also set an all-time high, reaching $4,794.99.  EthHere’sise comes as reports suggest that the Ethereum network has burned more ether than released in at least a week. Burning means that the ether is permanently removed from the circulating supply.

The overall crypto market capitalization stands at $2.929 trillion, and Bitcoin dominance is 43.7%.

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