The year 2021 will be remembered as one of the most important in the history of Bitcoin. And the main cryptocurrency reached a new historical maximum. However, the best was yet to come and would be far above the 64,800 dollars reached on April 14. Although the digital currency is not going through its best moment and has suffered a clear decline, the price could rise dramatically until reaching $288,000 per unit.
This has been stated by the market analyst PlanB, a researcher who claims that Bitcoin is still in the race to reach this figure, which would validate their model of Reserves against flow (Stock-to-Flow). This is aligned with the price history of the main cryptocurrency.
Bitcoin is currently complying with the parameters determined so that it reaches a $10 trillion market capitalization. In the event that you finally manage to reach it, Bitcoin would overtake gold as the main asset in the markets.
«The $288,000 is still in play. I would really be surprised if bitcoin did not touch the black line of the S2FX model at this stage. Regardless of the current volatility, the yellow green and blue dots will be (much) higher than the red orange dots,» PlanB said via Twitter. In this way, it shows its confidence that the growth of the asset will continue to take place over the coming months.
Although many people are skeptical about Bitcoin after the fall suffered in recent months. However, many others are confident in the recovery and that it could reach new historical highs before the end of the year.
After a 2020 in which it grew significantly in recent months, it is expected to happen again.
Bitcoin, on the rise despite volatility
PlanB stated last March that the $288,000 was a reasonable figure that Bitcoin could reach this year. However, at that time it is worth remembering that the situation was very different from today, and Bitcoin did not stop breaking records day after day.
Since May the situation has changed noticeably; and it is that bitcoin has lost 45% of its maximum price. Regardless of the reasons that caused this sharp fall, the expert maintains his confidence in Bitcoin. In fact, he believes that it will rise and maintain the uptrend. The figure of $288,000 would be the maximum that would be reached in the current cycle and it is estimated that it could be reached in the month of December. This would be a great way to say goodbye to the year for bitcoin investors.
It must be taken into account that the Plan B model is determined by an amount of time and is responsible for involving the years in which the halving of Bitcoin, that is, the moment in which the issuance of the amount of coins on the network is reduced by half. This fact is generally considered a bullish element, since causes a greater shortage of cryptocurrencies in circulation.
PlanB’s point of view is also appreciated in this way by other expert cryptocurrency analysts; and it is believed that bitcoin will recover in a matter of weeks; and that sooner rather than later it will be able to return to a price that is between 55,000 and 65,000 dollars.
In any case, at the moment it is all conjecture and speculation, so we will have to wait to see how the cryptocurrency behaves to find out if they were right.
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