- Bitcoin could reach $288K or even higher during the current cycle.
- The Bitcoin price is now nearly at 50K, which is 5x from 10K.
- Another 5x takes us right to $288,000, which is an average.
With over 25 years of experience in institutional investing, PlanB migrated his skills to the world of cryptocurrencies and created Bitcoin’s famous Stock-to-Flow price prediction model.
The Wolf Of All Streets made a recent tweet on Twitter that PlanB has been nailing ‘Bitcoin price predictions like a sniper’.
The legend @100trillionUSD has been nailing #Bitcoin price predictions like a sniper.
We spoke 4 months ago and he had 288k in his sights.
Listen and find out why. https://t.co/Oefy9eIC98— The Wolf Of All Streets (@scottmelker) October 2, 2021
According to PlanB, top crypto Bitcoin could reach $288K or even higher during the current cycle. Moreover, PlanB believes the leading cryptocurrency is more likely to hit $250K or $300K than to plateau at around $100K during this cycle due to its confidence in the model.
Bitcoin Will Hit $288,000 Soon
The Bitcoin hodlers had always expected a 5x increase in the price of BTC, fortunately, the time came with a massive upward trend like never before. For newbies, this is definitely the best time of their lives and the excitement can not be contained.
Further, PlanB explains that the stock to flow model and stock to flow x model both actually delivered but they are not yet at the end of the cycle. In addition, PlanB explains that Bitcoin still has more growth to attain and it may even go up to $100,000 or $288,000 on average. In fact, PlanB adds that he also looks at on-chain data and uses his own unchain indicators.
Aside from all this, the unchained data is a treasure for making signals and picking up patterns. On looking into the unchained data, it is very clear that we were somewhere halfway with a shortage in coins built up until a level that was exactly half of the levels and the shortage levels in 2017 and 2013. This makes PlanB pretty sure that they have not seen the top yet.
Bitcoin’s Next Stop After 288K
Mostly, PlanB prefers stock to flow x model. This model has been exceptionally accurate. Are you wondering where the BTC price will go after 288K? More likely BTC price might go to 250K or 300K levels than 100K.
According to CoinMarketCap, the BTC price is trading $47,995.24 with a 24-hour trading volume of $29,771,599,192, at the time of writing.
The Bitcoin price is now nearly at 50K, which is 5x from 10K, so the jump to 100K is so small compared to what it already has. Hence, another 5x takes us right to $288,000, which is an average. In order to have that average, over the four-year period, we could see the BTC price move far above that.
Right now, the BTC price is far below this level. PlanB thinks if this scenario plays out that we could see the prices at $400K, $500K. After this price surge, a bear market could go as low as maybe $100K to $200 again. The price might even move to $80K to $90K or $80K to $85K retracement like previous cycles.
PlanB also touched on the number of coins lost. Approximately over 3 million coins were lost and the first 1 million are Satoshi’s coins. PlanB calculated the stock to flow model with that and also estimated a stock control model without any adjustment for lost coins. This is basically the parameters change but the outcome stays the same.
PlanB was asked when Bitcoin will hit the balance sheets of these central banks. He explains that this could happen by 2024, 2028. He added that it would be such a logical thing to do for countries that already have monetary bases.
Furthermore, stores of value have a limited supply, which makes them valuable. That is the reason Bitcoin makes for a good store of value. Since the top crypto is capped at 21 million coins, there is a short supply. Due to this, analysts predict that bitcoin will gain in price as the demand for the crypto increases.
Billionaire Mark Cuban Identifies Altcoin With ‘Most Upside’ As Bitcoin Blasts Above $60,000
As Bitcoin shoots above $60,000, business magnate Mark Cuban says one altcoin stands above the rest in terms of investment potential.
In a new interview with CNBC Make It, the billionaire says that Ethereum (ETH) is the best crypto prospect on the market.
“As an investment, I think Ethereum has the most upside.”
Cuban, who previously stated that smart contracts on Ethereum’s blockchain have revolutionized the cryptocurrency market, believes that the second-largest crypto by market cap is the digital asset which most resembles legal tender.
“I wish I had bought [Ethereum] sooner. I think it’s the closest thing we have to a true currency.”
Cuban went on to reiterate his position that Bitcoin (BTC) is superior to gold because not only is its supply scarce, but it’s easier to transfer, store, trade, and fractionalize. That sentiment is shared by fellow billionaire CEO Chamath Palihapitiya of Social Capital and Virgin Galactic.
Cuban’s comments come on the heels of him saying that customers prefer making payments in Dogecoin (DOGE) rather than BTC at his venues because Bitcoin tends to be a highly appreciable asset.
Ethereum is exchanging hands at $3,839 at time of writing, an 11% increase from its seven-day low of $3,431, according to CoinGecko.
ProShares Set for Bitcoin Futures ETF Launch on Monday After Apparent SEC Approval
The US Securities and Exchange Commission has reportedly greenlit the country’s first Bitcoin futures exchange-traded fund (ETF).
ProShares, an ETF provider, filed a post-effective amendment prospectus on Friday that states the company plans to launch the BTC Futures ETF on Monday, a sign that the SEC has approved the product.
The fund doesn’t invest directly in Bitcoin, but it provides price exposure to Bitcoin futures contracts, a first in the US.
Both Bloomberg and CNBC, citing people “familiar with the matter,” reported earlier in the week that the SEC planned to approve BTC futures ETFs from ProShares and the independent investment firm Invesco Ltd.
Invesco’s ETF is also set to provide exposure to a collection of exchange-traded products (ETPs) and private investment trusts that hold Bitcoin, rather than direct investments in BTC itself.
Last month, SEC Chairman Gary Gensler said he was open to ETFs for Bitcoin futures, noting that they are filed under mutual fund guidelines which provide “significant investor protections.”
Bitcoin is trading at $61,549.38 at time of writing and is up 6.6% in the past day and more than 40% in the past two weeks, according to CoinGecko.
BTC hit its all-time high of $64,804.72 in mid-April.
Bitcoin May See Real Peak If ETF Is Approved and I May Cash Out Half My ETH: CNBC’s Jim Cramer
Jim Cramer shares a common view that Bitcoin has the opportunity to reach a short-term peak or even a real peak if Bitcoin ETFs are approved next week.
Host of CNBC’s Mad Money, Jim Cramer, has talked to Andrew Sorkin from CNBC’s Squawk Box show about the prospects of the Bitcoin price if or when four Bitcoin futures ETFs get the SEC’s approval next week.
Cramer also stated that he may cash out half of his Ethereum stash.
SEC approval for ETF may push Bitcoin up, Cramer says
Answering Sorkin’s question, Cramer stated that a lot of people believe there is a high chance that the senior cryptocurrency, Bitcoin, may hit a short-term or even a real price peak if four BTC-based ETFs are approved by the SEC next week.
He corrected the host and said that the regulatory agency may approve not just one but four Bitcoin futures ETFs next week.
However, he stated that people are running ahead of a possible ETF approval.
"There's a possibility a lot of people feel that you can get a short-term peak, or maybe a real peak as people just run ahead of the ETFs," says @jimcramer on a #Bitcoin ETF approval. "I might cash out half my $ETH." pic.twitter.com/48MJP047yK— Squawk Box (@SquawkCNBC) October 15, 2021
Bitcoin spikes to $59,500 as chance for ETF approval emerges
Earlier today, the flagship digital currency, Bitcoin, soared to a multi-month high of $59,500 on the Bitstamp exchange. It happened after Bloomberg released a report, saying that so far the Securities and Exchange Commission has not objected to approving multiple Bitcoin futures ETFs that were submitted to it earlier this year.
The Bloomberg article stated that the information had been confirmed by multiple sources close to the SEC and to the matter in question.
The media giant’s ETF analyst, Eric Balchunas, believes that the likelihood of Bitcoin ETFs getting the green light has now risen to more than 90%. Still, he is not ready to “close the case” yet.