- Bitcoin calming down, wth some consolidation still expected but “retraces are healthy”
- There is no plan C says analyst PlanB who expects BTC price to go above $10,000 in May, on reward halving and then top at above $100k before December 2021
Bitcoin has made a healthy retracement, down from the $10,000 level to now hovering around $9,800. A move that is considered to be setting a base for the Bitcoin’s future move still hasn’t gone below $9,700.
Bitcoin is basically calming down here and approaching the first potential support level around $9,400 and $9,500, although it could be a bit lower, said popular trader Crypto Michaël. According to him, some consolidation is still expected.
The leading digital asset holding this area would be a great sign but if we start losing it, $9,000 is the level to watch.
As long as we remain above $9,000, “Retraces are healthy,” he said.
Meanwhile, random coins are popping as much as 50 to 60%. Major cryptocurrencies are breaking out such as Cardano (ADA) and EOS both of which had a golden cross. Other large-cap cryptos are also running upwards with massive percentages. But the “upside potential is gigantic (with) massive gaps on altcoin charts ready to be filled,” said the trader.
BTC had overshot S2F model values at least by a factor of 3
Now, if we talk about Bitcoin, we are fast approaching the third reward halving in May 2020 which prominent analyst PlanB says would see BTC above $10,000.
While sharing his “2 sats on bitcoin,” PlanB said in 2020, the flagship cryptocurrency would stay above $8,200. According to him, we would not be seeing $6,000 or $4,000 again as others are predicting.
In 2020, Bitcoin won’t be dropping to this level and after jumping above $10,000 in the next three months, the bull run will officially start. Continuing in 2021, the analyst who is known for using stock-to-flow model to determine BTC price says, price will top $100k before December 2021.
And what if PlanB goes, wrong, what about a plan C. Well, the analyst does not have any as he answers to a Twitter user, “live by S2F model, die by S2F model.”
As we reported recently, PlanB sees bitcoin overshooting the $100,000 in Dec. 21 because the last two halvings in 2012 and 2016 BTC overshot S2F model values as well by at least a factor of 3.
With awareness, adoption and demand increasing while over hundreds of bitcoin on-ramps emerging around the world in compared to the last bull cycle in 2017, we can “absolutely” see the next top around $300k according to him.
Yes absolutely, last 2 halvings (2012 and 2016) btc overshot S2F model values (2020: $100k) by at least a factor 3.
— PlanB (@100trillionUSD) February 10, 2020