The analyst emphasized that bitcoin is now in the middle of a “bullish” cycle, but it may still rise

​Cryptanalyst PlanB has predicted the growth of bitcoin to $500 000 by early 2022

11.11.2021 - 12:45

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2 min

What’s new? The creator of the Stock-to-Flow model for predicting the bitcoin exchange rate and cryptanalyst PlanB has shared his thoughts on the promising price of BTC. During a podcast with Blockware Solutions analyst, Will Clemente III, he noted that the first cryptocurrency is capable of reaching the $500 000 mark by early next year.

Link to the Youtube podcast

What was the principle behind the analyst's prediction? PlanB stressed that bitcoin is now in the middle of a “bullish” cycle, but its rate may still rise. The analyst added that most often the most significant growth occurs at the end of the cycle. According to PlanB, the cryptocurrency market will be in a growth phase for another 3-6 months. By the end of November, the value of the virtual asset may rise to the $98 000 level. In December, however, the first cryptocurrency may surpass the $135 000 milestone.

“I wouldn't be particularly surprised if bitcoin will already be worth $500 000 early next year,” the analyst added.

How has the BTC exchange rate changed? On 10 November, the value of the digital asset once again renewed its all-time high, reaching $69 000. On the Twitter account, PlanB stated that the bitcoin exchange rate is still following its Stock-to-Flow model. The analyst predicted a market consolidation in the next few years.

Author:

Tatiana Darda Tatiana Darda

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