Price of BTC surpasses $47K ‘worst-case scenario’
Bitcoin (BTC), reaching $47,000, is making headlines, but for one of its most popular experts, it’s merely the “worst-case scenario.”
According to a tweet from PlanB, inventor of the stock-to-flow family of Bitcoin price models, BTC/USD should reach $47,000 in the future.
When Chinese miners left in May, causing a BTC price fall, existing pricing models based on the stock-to-flow concept were put to the test, and their dependability was brutally tested.
The price of Bitcoin plummeted to a low of $29,000, and even PlanB had nagging doubts.
But he expected that the market would rise dramatically once the dust cleared on the mining restructuring.
According to him, August, or more precisely the August close, should be $47,000. Monthly, BTC/USD should then continue to rise, reaching an end-of-year price of $135,000 in the worst-case scenario.
After spending many days trying to remove a significant resistance barrier at precisely that level, Plan B’s prognosis came true this week.
Realized cap joins hyper bullish Bitcoin metrics
According to the same forecast, the following weeks might witness a slight reversal closer to $40,000. There hasn’t been much success for the bears thus far, with experts pointing to several variables that support an uptrend rather than a downturn.
In addition, PlanB said that “Bitcoin price AND 200-week moving average AND realized cap. [..] ALL rising.”
A measure of Bitcoin’s market capitalization based on the price at which each coin was last traded, known as the “realized cap,” reached new highs on Friday, surpassing all previous records. It is currently worth more than $378 billion.
A statistician named Willy Woo tweeted: “Translation: The capital stored in the Bitcoin network just broke an all-time-highs.”
“The network has more money in it today at $47k than it did at $64k in April. Realised Cap estimates this by summing the price paid for every coin in BTC’s circulating supply.”
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