The cryptocurrency market has started an upward move again. Leading cryptocurrency Bitcoin rose above 38 thousand dollars, reinforcing the positive atmosphere in the market. Meanwhile, bullish predictions continue to come from analysts. PlanB, the creator of the Stock-2-Flow (S2F) model, shared a heart-warming prediction. According to the analyst, BTC price will never fall below the levels he set again.
PlanB: Bitcoin will never fall below 35 thousand dollars!
As you follow on Kriptokoin.com, the market entered the green zone with the morale it gained from the Fed’s statements. Bitcoin price rose by $1,000 to over $38,000. Popular analyst PlanB, the inventor of S2F, drew a line to the south, although he did not give an upside target. The analyst shared a chart in which he claimed that Bitcoin’s price increased depending on its natural hashrate. Based on arbitrage fundamentals as well as possible black swans or short-term fluctuations, PlanB says BTC will not fall below the $35,000 support. In this context, the analyst makes the following statement:
Bitcoin valuation based on hashrate rose to $35,000 yesterday. IMO this could mean based on $/kWh-arbitrage fundamentals, barring possible black swans or short-term fluctuations… BTC will never fall below $35k again.
https://twitter.com/100trillionUSD/status/1729194629785166214
$100k for BTC is ‘conservative’ according to analyst
The analyst also reiterated his views in some follow-up articles. He also highlighted the arbitrage that exists between Bitcoin miners buying the asset with electricity and users buying it with cash on exchanges. According to him, this arbitrage is likely to deepen with upcoming ETFs. Additionally, it is possible for miners selling the cryptocurrency to charge a premium based on their unique knowledge of the market.
PlanB, the creator of a widely used market analysis model, demonstrates convincing insight into various assets, especially Bitcoin. PlanB is one of the analysts who believe that the $100,000 BTC price is a conservative estimate for the cryptocurrency. Recently, he has been suggesting that Bitcoin will trade in the range of $65,000 to $524,000 in the near future.
Current Bitcoin outlook and market predictions
Despite a deep decline from the ATH level, BTC price is still above the $35,000 level. For now, it confirms PlanB’s predictions. The growing clamor in the market for spot Bitcoin Exchange Traded Fund (ETF) approval by the United States Securities and Exchange Commission (SEC) has provided another twist that could support market resistance. According to Ark Invest’s Cathie Wood, the probability of Bitcoin ETF approval is 90%. This fuels many bullish predictions for BTC. These predictions include the potential to rise above $600,000.
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