Bitcoin (Bitcoin) US$47,000 is getting people’s attention, but in fact this is only the “worst case” of one of its most popular analysts.
In a tweet on August 13, PlanB, the creator of the Bitcoin price model stock-to-flow series, reiterated that $47,000 should only be the beginning of BTC/USD.
Bitcoin price is no longer in the “worst case”
Following the sharp drop in miners from China in May and the subsequent sharp drop in BTC prices, the long-term established price model based on the principle of inventory-to-flow has put a major test of its reliability.
Even PlanB has it itself Moment of uncertainty As Bitcoin fell to a low of $29,000.
However, he predicted at the time that as the mining restructuring dust settles, the market’s renewed strength will push the market higher.
He said that in August, or more specifically, the closing price in August should be $47,000. On a monthly basis, BTC/USD should continue to rise to reach the “worst case” price of 135,000 USD at the end of the year.
Face at the same time harsh criticism, PlanB’s prediction came true this week as Bitcoin broke through $47,000 after spending several days trying to remove a huge resistance barrier at this level.
✅ August> $47K https://t.co/tj6SSwSzKR
— PlanB (@100trillionUSD) August 13, 2021
Achieved upper limit adds overly bullish Bitcoin indicator
According to the same forecast, in a potentially interesting turning point, there may even be a mild reversal close to $40,000 in the next few weeks.Analysts pointed out that so far, it is difficult for bears to keep the market down for a long time. Multiple factors Everyone tends to move upward rather than correct.
“Bitcoin prices and the 200-week moving average and the realized ceiling… are all rising,” PlanB added.
The realized cap is a method of assessing the market value of Bitcoin based on the price of each coin’s last move, breaking a record high with Friday’s rise. It now exceeds $378 billion.
“Translation: The capital stored in the Bitcoin network just broke an all-time high,” statistician Willy Woo Responded On Twitter.
“Compared with the $64,000 in April, the network today has more funds at $47,000. Realized Cap estimates this by summing the price paid for each coin in the BTC circulating supply.”