Industry executives are still very confident about BTC hitting $100K this year as the prices are correcting from the record highs and analysts are looking towards the rest of the years in a greenfield so let’s take a closer look at the BTC price news today.
Bitcoin prices are trading at over 20% down from the previous all-time high of $42,000 which looked like recovery but the lower high posted indicates that the prices have more room to fall and the correction is not over yet. BTC was trading at $33,000 down by 6% over the past 24hours and only managed to reach a high of $36,500 before the selling resumed. BTC is in the process of forming a red daily handle again which hasn’t happened since June 2020 when the prices dropped from $10,200 to $8,800.
According to Dan Tapiero, BTC is still on track to hit $100,000 by the end of this year and he has taken this stance from the stock to flow model that was quite accurate in predicting prices so far which is why industry executives are confident of the price rises.
“Looking at @100trillionUSD #bitcoin chart. So far kudos.
Yes 100k very possible by Q321 but then SIDEWAYS until 2024!
What will bitcoiners do for 3.5 years as mkt hovers around 2-3 trillion mkt value?#Btc becomes stable pristine collateral as DAE gets built up around it. pic.twitter.com/0GtccORUDm
— Dan Tapiero (@DTAPCAP) January 13, 2021”
The JPMorgan Strategists are suggesting a $146K price over the long term with the macro investors commenting that once this cycle reaches its peak, there will be about four years of sideways action for BTC markets until the next one starts in 2024. “PlanB” also tweeted that it is playing out “like clockwork” with a predicted price of $28,650 and an actual price of 16% higher:
“Stock-to-Flow model still on track .. like clockwork https://t.co/h2fCs0A3uw
— PlanB (@100trillionUSD) January 12, 2021”
At the moment the prices are higher and a few other models predict a move parabolically in the month ahead. This will also lead to a correction as things fall back to the middle of the range on these charts. Technical analysts observed previous pullbacks in the 30% range as well which could drop the prices as low as $25K.
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