The bulls had entered the ring but could not sustain for a longer time as the bears quickly jump in to gain control. Yet the short-lived pullback could be flipped very soon as the Bitcoin price appears to be focused to propel to new highs. And hence, despite the short term target at $42K, yet BTC price can surge high to hit $100K before the end of the year 2021
One of the popular analysts, PlanB who is well-known for his Bitcoin price prediction of $100K by 2021. He believes the upcoming month will be key. And currently, the price is in between both (blue) and top (red), in line with S2F.
#bitcoin stock-to-flow model predicts $100K by Christmas, time model (diminishing returns, lengthening cycles) $30K. Next months will be key. Note that color overlay is on-chain signal (not time to halving), indicating we are between bottom (blue) and top (red), in line with S2F. pic.twitter.com/OS0pAKduq4— PlanB (@100trillionUSD) August 27, 2021
However, Benjamin Cowen, founder & CEO of BC Analytics, replied that the S2F model just shows the fair value and not the actual price. Amid the bearish predictions surrounding the market, yet the price is expected to regain bullish momentum soon.
Ethereum Price Heading Towards $10K
Ethereum price bounced after a healthy consolidation above $3000 in the later hours of the trade. As the price smashed the upper barriers at $3200, it attempted very hard to clear the $3300 levels, yet failed. The current consolidation appears to be very healthy as the pullbacks are minute. Also, no significant buying is recorded that could ease the selling.
In the coming days, we can expect a substantial bounce which could uplift the price above $3400 initially. If the weekly close is recorded above $3100, then the upcoming week could be pretty bullish for the asset. However, the target for the Ethereum price rally still resides at $10,000 as predicted by a popular analyst Wolf.