PlanB: ‘Rare Opportunity’ Can See Bitcoin Price Hit $10K in December
William Suberg's original article for cointelegraph.com reduced by 56%
Bitcoin returning to $10,000 next month may feel unlikely, but should not surprise anyone, says the creator of one of its most accurate price models. In a tweet on Nov. 25, PlanB, the Twitter analyst known for his Stock-to-Flow Bitcoin price charts, suggested BTC/USD could easily retake five figures before 2020.PlanB: $10K BTC bounce "Wouldn't surprise".
Such a surge would mean Bitcoin rising 40% from current levels. This is in fact already within reach - last month, the cryptocurrency's second-biggest daily jump ever totaled around 42%. PlanB was referencing the current Bitcoin price underperforming in the eyes of Stock-to-Flow.
As Cointelegraph reported, it calls for an average price of $8,300 until the May 2020 block reward halving. Last week, Woo eyed the "Unique" quality of the market this year, noting that previous halvings came during bullish price action. As Cointelegraph reported, signs of recovery trickled onto markets on Monday, Bitcoin rising around 11% from its daily lows of $6,515.
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CN [too long; didn’t read]
Summarised crypto news.