One of the most closely followed crypto analysts in the industry says he thinks Bitcoin is likely to stage a major comeback and return to $10,000 – before the new year. That leaves 39 days for BTC to surge roughly $3,000 from its current price around $7,000.

According to the anonymous analyst known as PlanB the asset’s stock-to-flow ratio is flashing a rare buy opportunity, suggesting a turnaround is on the horizon.

“Call me crazy, but it wouldn’t surprise me if BTC closes 2019 at $10k+.

Opportunities like this (Bitcoin below S2F model value, 6 months before the halving) are rare.

Source: Twitter/PlanB

Stock-to-flow compares the amount of a commodity in circulation divided by the amount produced per year.

The model, which is traditionally used to analyze precious metal markets, gained notoriety in crypto circles this year and earned a number of mentions on CNBC by anchor Joe Kernen.

According to PlanB, the ratio tracks Bitcoin’s past price movements with more than 90% accuracy, and indicates BTC will reach $1,000,000 around 2025.

In the short term, a recent roundup of analysts shows most believe BTC has not yet reached a bottom.

Veteran trader Tone Vays remains the most bearish. He believes BTC will reach $4,500 before a new, sustainable bull market can begin.

Bitcoin is up 0.84% at time of publishing at $7,193, according to CoinMarketCap.

Follow us on Facebook           
Join us on Telegram            Follow us on Twitter

Check Latest News Headlines

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Source link


Please enter your comment!
Please enter your name here