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PlanB is convinced Bitcoin will end the year over $100,000

Since the infamous 40% drop in May of this year, the crypto market has been trading between support and resistance, also called range-bound. Without a strong move in either direction, prices have been going back and forth with no clear indications yet as to what sort of a trajectory it might follow in the short to medium term.

There have been several analysts going on record to claim that we are in a short-lived bear market. However, crypto analyst and creator of the stock-to-flow model, PlanB, shared his views with his followers on Twitter.

Attributing the current Bitcoin price action to the energy stir caused by Elon Musk and further fueled by China’s crackdown on mining, PlanB came with a worst case scenario where Bitcoin could see some rough summer months ending the year on a $135,000 price. Nonetheless he did not rule out a $450,000 year end value for the cryptocurrency.

PLanB remained vague about the “fundamental reason” for his predicted June and July weakness. When one of his followers asked him to elaborate, the analysts said he would come back to that later this year.

Just a few days prior, on-chain analyst  Ki Young Yu, commented on the recent range-bound dynamics and called for patience amidst these possibly treacherous calmer waters:

 

The post PlanB is convinced Bitcoin will end the year over $100,000 appeared first on iGaming.

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Author: Peter Siu