The Bitcoin price has recovered 5% this morning and is knocking on the door of $50,000. And this time, the conditions look right for BTC/USD to clear it. Now, Bitcoin is down 22.72% from its all-time high of $64,863 reached on April 14.
However, $51,000 remains the level to beat in order to cement a continuation of the 2021 Bitcoin bull run.
Bitcoin Price to hit $100K by Christmas!
Popular Analyst Plan B in a recent tweet made a medium-term bullish thesis for Bitcoin. He says the stock-to-flow model predicts for BTC to hit $100K by Christmas.
#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
In A Reply To The Tweet, Trader, Investor Jason Williams Said, ” Lol I Need #Bitcoin To Hit $300k By December 31st, 2021 Or My Twinkie’s Are Going To Expire!”
Adding to the thesis is another analyst called Crypto Capo. He says, even if Bitcoin slides down to $38K-48K level, it will have a mega bullish rally right after.
Funny how you are bullish from 30k to 50k, then flip bearish, and people think that you are expecting the end of the world to come.— il Capo Of $NOIA (@CryptoCapo_) August 27, 2021
Once again: I'm expecting $38k-40k, but also new highs and a mega bull run AFTER that.
However, As for the technical indicators, On the 4 hour chart, the RSI is flashing neutral with a value of 57.36. Whereas 13 out of 15 moving averages flash a buy signal.