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This year kicked off with BTC price gains that recently saw the leading digital asset cross $10,000 once again. However, with Bitcoin dipping below five figures today, some are once again calling for the price to return to below the current yearly lows or perhaps even lower.
Disagreeing entirely is the author of one of the most popularly-cited BTC price prediction models, PlanB. Earlier today, the analyst posted an update to their price prediction for the coming couple of years and it’s anything but bearish.
PlanB: Bulls to Stampede and BTC to Top $100,000 by End of 2021
Thanks to their optimistic model for predicting the price of Bitcoin following the 2020 halving, crypto analyst PlanB has become one of the industry’s most cited figures. PlanB’s March 2019 study, titled “Modeling Bitcoin’s Value with Scarcity”, makes the case for at least a $55,000 post-halving BTC price.
Using yearly data, as NewsBTC recently reported, PlanB arrives at an even more bullish price of $100,000. The date the analyst previously gave to their BTC price prediction is at some point during 2021.
As PlanB highlighted via Twitter earlier today, they have long held that BTC has the potential to top $100,000 during 2021. A tweet from January 2019 embedded to that posted today shows this. Meanwhile, today’s tweet confirms that they believe a six-figure Bitcoin is still very much on the cards for 2021.
*** Update: my 2 sats on #bitcoin price:
– 2020: btc stays above $8200 (so we are NOT dropping to $6k or $4k levels that others are predicting now)
– May 2020 halving: will be above $10k
– 2021: bull run starts after the halving and tops $100k before Dec 2021#NotFinancialAdvice https://t.co/Zkkma4ZBSd— PlanB (@100trillionUSD) February 10, 2020
No, Bitcoin Isn’t Falling Below $6,000 Soon
Back in January of last year, PlanB made a couple of other predictions along with the $100,000 BTC price. They said that Bitcoin would not drop below its 200-week moving average during the rest of 2019 – which it never did – and that the price would be around $8,000 at the time of the halving.
PlanB has now revised some of these previous predictions. As mentioned above, the analyst still anticipates the real bull run to start in 2021 and the price to top $100,000 by the end of next year.
However, they now anticipate that BTC price will not fall below $8,200 at any point during 2020. This means, contrary to the sudden return of bearishness accompanying today’s dip, Bitcoin will not drop to “$6k or $4k levels that others are predicting now.”
PlanB also now believes that the Bitcoin price at the time of the halving will be more than it is today. They make the case that when new the number of BTC rewarded to miners with each block falls to 6.25 this year Bitcoin will trade for at least $10,000.
Related Reading: Bitcoin’s Selloff Could Turn into a Bloodbath if it Breaks This Key Level
Featured Image from Shutterstock.
