Bitcoin price has once risen nearly $ 9,900, when will Bitcoin reach $ 100,000?
Yesterday, Bitcoin price continued its strong momentum, setting a three-month high of $ 9,859. However, it seems that the momentum could not be kept for long, Bitcoin has dropped to $ 9,682, down slightly by 1% in the past 24 hours.
Bitcoin is expected to offset a sharp fall in the second half of 2019
The breakout since April of last year at the bottom of USD 4,100 has cooled to a peak of USD 13,880 in June. Since then, the trend of controlling the whole market from July to November 2019.
The confirmative signal for uptrend is when both the 5-day and 10-day MA are pointing up with the bullish crossover between the 50 and 100-day MA. The MACD is also setting a candlestick at a threshold higher than zero, indicating an uptrend is active.
Mostly, the market has not shown signs of exhaustion. The 14-day RSI is about to approach the mass buying zone (above 70), and the coin continues to set up a green candle with a short shadow. Therefore, the buying force has not shown any sign of hesitation.
Most likely, BTC will approach the October peak of $ 10,350. A bounce, if any, will cause Bitcoin to drop to the support of the MA 5 and 10 days (currently $ 9,526 and $ 9,445).
Bitcoin price forecasts continue to be made
Although Bitcoin halving is approaching, we should not rush into the FOMO wave. And maybe people shouldn’t expect $ 50,000 for Bitcoin in the next three months.
If you’ve been following the cryptocurrency industry for the past few months, you probably already know the correlation between stock theory and Bitcoin value. The Stock-to-Flow model suggests that Bitcoin halving that happens only every four years will have a profound and positive impact on Bitcoin price.
With the new supply of Bitcoin, causing the market to contract suddenly at some point in May (or shortly before), the stock model shows that the additional scarcity will cause Bitcoin to increase in price.
Some people have explained the extremely predictable Bitcoin price prediction model that is even more optimistic than it.
It can be seen that the price mentioned in the original article (and the higher target of $ 100,000 made using annual data) is not a halving prediction. Instead, it refers to the average price we can expect at some point after the event.
Plan B analyst also explained that the price would rise around $ 100,000 as if it had about $ 8,000 per Bitcoin in the current halving cycle.
Some misunderstandings about S2F model:
1) That it predicts $100k by May2020. No, it predicts $100k May2020-2024 average, like the chart shows
2) Why $100k, it was $55k? Yes, the original model on monthly data (Mar22) says $55k, but a new model on yearly data $100k. Your choice. pic.twitter.com/QkCFepZHpw
— PlanB (@100trillionUSD) February 7, 2020
Bitcoin price has previously exceeded the average prediction for the model. At the top of the bull market, prices have exceeded expectations of the popular model. There is still a lot of optimism about the halving event and its impact on Bitcoin price. However, the fact that the price of Bitcoin increased fivefold in the coming months seems a bit unrealistic.
The Altcoin market still needs a boost
Bitcoin is the undisputed leader in the cryptocurrency market, with Bitcoin Dominance accounting for about 64.2%. The influence is so significant that the Altcoins will almost follow Bitcoin’s lead.
Even so, Altcoins seem to have gradually diverged away from Bitcoin over the past few weeks, as evidenced by explosive (and seemingly independent) protests for things like ICON (ICX), Ethereum (ETH), Bitcoin Cash (BCH) and Bitcoin SV (BSV).
At press time, only Binance Coin (BNB) showed an increase of nearly 3% on the day. While most other Altcoins are in the red. The rise in BNB is probably related to Binance issuing a permanent BNB/USDT contract with leverage x50.
What interest rate are you getting from your bank? https://t.co/OC7tWznx2O
— CZ Binance 🔶🔶🔶 (@cz_binance) February 7, 2020
Yesterday, the Altcoin market capitalization peaked just under $ 101 billion, a new six-month high. The total market capitalization is currently $ 274 billion, and Bitcoin Dominance is presently 64.2%.
Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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