Bullish Call, as PlanB Say BTC Won’t Dip Below $35k, Here is Why?
The post Bullish Call, as PlanB Say BTC Won’t Dip Below $35k, Here is Why? appeared first on Coinpedia Fintech News
According to the creator of the widely-used Stock-2-flow (S2F) model, Bitcoin’s price is set to soar, with a bold claim that it will never dip below the $35,000 mark again. Meanwhile, this prediction is backed by PlanB’s reputation for accurate market predictions.
$35,000 as a Rock-Solid Support
In a recent X post, PlanB backs up his claim with data, he correlates Bitcoin’s valuation with its hashrate. The argument is supported by a compelling chart that suggests a sustained upward trajectory for the premier digital asset.
BREAKING: Bitcoin valuation based on difficulty (hashrate) increased to $35k yesterday. IMO this could mean that, apart from possible black swans or short term volatility, based on $/kWh-arbitrage fundamentals … BTC will never go below $35k ever again. pic.twitter.com/JPLkXieQAP
— PlanB (@100trillionUSD) November 27, 2023
Despite possible black swan events or short-term volatility, PlanB maintains that $35,000 will serve as an unyielding Bitcoin support level, showing his faith in the crypto’s resilience.
Further delving into the dynamics of arbitrage, PlanB highlights the fascinating interplay between Bitcoin miners acquiring the asset with electricity and users purchasing it with cash on exchanges. He anticipates a deepening of this arbitrage, especially with the imminent ETF launch.
ETF Approval’s Impact on the Market
PlanB suggests that the introduction of an Exchange-Traded Fund (ETF) could amplify existing arbitrage dynamics. Miners might potentially charge a premium for the cryptocurrency based on their unique market insights.
Even the prominent figures, like Ark Invest’s Cathie Wood, are voicing optimism. Wood, known for her bullish forecasts, suggests that the approval of a Bitcoin ETF could propel the cryptocurrency’s value beyond an impressive $600,000.
BTC Next Big Target
Meanwhile, PlanB’s past predictions have been notably accurate, adding credibility to his latest forecast. He firmly believes that a $100,000 Bitcoin is on the horizon. With a broader outlook, he suggests a potential trading range between $65,000 and an astonishing $524,000 in the near future.
Perhaps, the current trading price stands at $37,006.80, reflecting a 1.07% decrease in the past 24 hours, as per a Coinpedia report. Investors are anxiously watching as the cryptocurrency navigates this turbulent period.
