Bitcoin

“Time to go up; Bitcoin should hit $ 100,000,” says PlanB

It’s time for Bitcoin (BTC) to start the next significant price spikesays the creator of one of the most famous BTC pricing models.

In one Tweet of September 14th the quantum analyst PlanB highlighted the growing signs that BTC / USD will repeat its all-time gains.

PlanB at the price of BTC: “Time to rise”

Regarding the original incarnation of its stock-to-flow (S2F) model, PlanB said it was time to start an order of magnitude increase.

“Time to go up; Bitcoin should hit $ 100,000,” says PlanB
“Time to go up; Bitcoin should hit $ 100,000,” says PlanB

“This is the time series model for 2019 with only historical BTC data (no gold, silver, diamond and real estate data used),” he wrote alongside a new chart.

“You can see the value jump of the model in the halving (white line) and the corresponding drop in various errors / errors in the S2F model (white points). It’s time to ascend. “

Bitcoin stock-to-flow model starting September 14th. Source: PlanB / Twitter

Bitcoin’s stock-to-flow model as of September 14th. Source: PlanB / Twitter

The original S2F diagram differs from the newer stock-to-flow cross-asset model (S2FX), which includes macro factors and introduces “phases” into the metamorphosis of Bitcoin as an asset. It requires an average BTC price of $ 288,000 before 2024.

Since the halving in May, Bitcoin has added “red dots” to the model, which have performed as expected.if not similar to after the 2016 halving.

Oddly enough Michael Van de Poppe, market analyst at Cointelegraph, sees the same pattern from a technical analysis perspective..

“If you want to compare market periods and cycles, The current market situation is comparable to 2016, “he wrote in the Twitter September 14th.

“Slow rise of milling with long periods of lateral consolidation. Several were seen in 2016. In 2020, 2021, we will likely see that too. “

When asked where the source of money is coming from to drive BTC / USD towards USD 100,000, Plan B highlighted posted a blog post about S2F and confirmed that his hypothesis was still valid.

It would be “silver, gold, countries with negative interest rates [..]Countries with predatory governments [..], Billionaires and millionaires protecting themselves from quantitative easing (QE), and institutional investors. ”

Analysts are watching the safe haven rise

Safe haven optimism continues beyond Bitcoin this week. As Cointelegraph reported, There is great hope that gold will respond positively to the Fed’s policy update on Wednesday.

Continuing, Mike McGlone, Chief Strategist at Bloomberg Intelligence, highlighted the strength of gold.

“”Rising gold prices, despite falling long-term money-managed hedge funds and the dollar advance, are a sign of a strengthening of the foundation beneath the metal.“he summarized on Monday.

“Less speculation vs. More organic demand forces play a role for the store of value, which indicates a healthy bull market.”

XAU / USD currently holds at just under $ 1,950after hitting an all-time high of USD 2,075 in August.

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