Whales continue accumulating since May plummet, when will Bitcoin price see above $40,000 again and up to $5 million?
Bitcoin price has increased significantly reaching as high as $40,550. However, BTC failed to break out and is now trying to find support to make another breakout attempt.
PlanB explains why Bitcoin price trading at $5 million in the future, when will BTC see above $40,000 again?
PlanB, a quantitative Bitcoin analyst and creator of the popular stock-to-flow (S2F) model, remains very bullish on the future of the leading cryptocurrency.
The drop in the price of Bitcoin over the past three months has raised many questions about whether the bull market is still intact. However, a quantitative Bitcoin analyst PlanB is not interested in the current market trend and he is looking ahead to what is to come. The creator of the popular stock-to-flow (S2F) model believes that BTC will trade as high as $5 million in the coming years.
“Maybe that all-time high could be reached this year and the low the year after in 2022 but after that, there will be another halving in 2024. So 2025 and the years after that will be actually much much more interesting than the next two years. And yes, the S2F models predict prices ranging from $1 million (for the normal stock-flow model) to 5 million (for the stock-flow x model),” PlanB explained.
Bitcoin has a long way to go if it will reach the S2F model price target of $5 million. Meanwhile, as many continue to wonder if the 2021 bull run is over, PlanB recently predicted that $64,000 is not the highest. According to the quantitative analyst, his on-chain data and floor indicators suggest that the crypto asset will not trade below $47,000 by the end of August.
This seems like a pretty reasonable statement. As the data shows, Bitcoin whales holding between 100 and 10,000 $BTC continues accumulating since the May plummeting that shakes out many weak hands. These addresses have now accumulated 130,000 more BTC in the past 5 weeks, and 40,000 more in just the past 10 days.
Accordingly, Santiment also opened a Twitter poll. They questioned that, approximately 5 hours ago, Bitcoin crossed $40,000 for the first time since June 16th. prices have dropped back to $37,300 at the time of this writing. So, when will BTC see above $40,000 again?
Of which, 36.5% of respondents said that BTC will rise above $40,000 within the next two days or within the next two weeks. How about you, what do you think? Let us know what you think!
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