Bitcoin's bull market is here, but will not reach $ 100,000 by 2020

Bitcoin (BTC) is seeing the best third month in history when the creator of the famous BTC price prediction model called for a price of $ 100,000 in 2021.

In one tweet On February 14, PlanB, the analyst behind the stock-to-flow model, said many people forgot how February was a successful month for Bitcoin.

February 2020 is in the top 3 best months for BTC price

“Few people realize that we are currently in the third #bitcoin month so far,” he wrote.

This year's attention is mainly focused on Bitcoin's profit in January. Since the beginning of the year, the BTC / USD pair has increased by more than 40%.

However, at $ 10,240, Bitcoin will have the strongest third month recorded if the price closes at the same level in the next two weeks.

As PlanB emphasized, only December 2017 and June 2019 saw higher monthly candle closures – about $ 13,880 and $ 10,760.

Monthly chart of Bitcoin price for the past 6 years. Source: TradingView
Monthly chart of Bitcoin price for the past 6 years. Source: TradingView

19% too optimistic?

Traders do not seem ready for profit levels in 2020, although technical indicators have successfully forecasted new volatility during a bottom in December.

According to stock-to-flow, the BTC / USD pair will trade at $ 8,600 until the halving event takes place – 19% below the current price.

After that, this model predicts momentum will skyrocket, peaking somewhere by the end of next year. From then until around 2024, the average price of Bitcoin will be $ 100,000.

The extensibility calculations that revolve around Bitcoin's status are strong (hard money) – the ratio of new Bitcoin to the current supply is both low and unmanageable. This led to the king's coin being frequently described as “digital gold”.

READ  Trader predicts that Ethereum and Litecoin will increase sharply

In contrast, fiat currencies with an infinite supply can be manipulated and lose value consistently due to the absence of gold or other “strong” resources.

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According to ConiTelegraph
Translated by ToiYeuBitcoin

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