Bitcoin is currently trading about 20% below its all-time high of $ 42,000 reached last week. On Tuesday January 12th, everything pointed to a recovery, but the current volatility indicates that the correction is not over.
At the time of writing, bitcoin is trading at $ 34.50. BTC managed to hit an intraday high of $ 36,500 yesterday, before selling again.
Bitcoin is still on track to hit $ 100,000 by the third quarter of 2021, according to 10T Holdings co-founder Dan Tapiero. The top manager took this figure based on the Stock-to-Flow model, which has been fairly accurate for predicting prices so far.
Looking at the @ 100trillionUSD chart … 100k is quite possible by Q3 2021, but then FLET until 2024!
The six-figure outlook echoes that of strategists at JP Morgan, which suggests a price of $ 146,000 over the long term.
The macroinvestor commented that after this cycle reaches its peak, the Bitcoin market will see sideways movement for almost four years, until 2024.
S2F proponent crypto trader PlanB recently tweeted that it runs like clockwork with a target price of around $ 28,650 and an actual price 16% higher.
The Stock-to-Flow model moves … like clockwork.
At the moment, prices are indeed higher than this and several other models predict. Over the past month, BTC has grown extremely fast, and this always leads to a correction that brings the price back to the middle of the range.
Technical analysts have already seen similar pullbacks in the 30-40% range, besides, a number of indicators, for example, the relative strength index, showed that the asset was overbought, so the correction did not come as a surprise.
Bitcoin has never been so overbought in over 7 years!
At the time of this writing, most crypto assets have plunged into the red zone again, responsive to Bitcoin’s volatile movement.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
