Cryptocurrency Market Update: Bitcoin Awaits Lift Off to $100,000 – analyst predicts
|- PlanB, a cryptocurrency analyst uses the stock-to-floe model to predict Bitcoin price surge to $100,000 by 2021.
- The cryptocurrency market remains bullish on Monday led by Ethereum, NEO, and Cardano.
The cryptocurrency market is mainly in the green on the first day of the week as well as June 2020. The weekend session was characterized by both bullish and bearish price actions. However, buyers across the board, especially for the major cryptocurrencies do not intend to be held down for long. Gains on the day range between 0.1-5 percent on the day. Some of the best performing digital assets include NEO (4.69%), Ethereum (2.25%), and Cardano (ADA).
Related reading: Cryptocurrency Market News: Bitcoin price unstoppable to $10,000 even as S&P 500 markets recover
Bitcoin price update
Bitcoin, the most traded cryptocurrency in the market has a value of $9,531. This follows recovery from levels marginally below $9,400 (Sunday lows). On the upside, the crypto traded a high around $9,700 but buyers lost steam leaving $10,000 untested and unconquered. Meanwhile, the short term goal is to continue holding BTC above $9,500 and make sure that focus remains on $9,700 short term resistance and $10,000 critical level.
Bitcoin surge to $100,000 by 2021
According to the Stock-to-Flow (S2F) model by PlanB, a pseudonymous cryptocurrency analyst, Bitcoin could soon commence a rally targeting $100,000 by 2021. In his prediction shared on Twitter, the red dot on the chart shows a potential price increase. The S2F model treats BTC as a commodity, just like gold or silver. In this case, the model measures the supply of Bitcoin in relation to the coins mined.
Ethereum price update
As mentioned earlier, Ethereum is among the biggest single-digit gainers. Despite the gains, resistance at $240 is a pain for the bulls. The price has hit an intraday high at $242.46. Gains towards $250 are unlikely in the European session because of the ongoing retreat under $240. At the time of writing, Ether has a market value of $237.37.
Ripple price update
XRP recently lost the third position to Tether (USDT). However, it has corrected above the key $0.20 following a long consolidation above $0.19. On the upside, $0.21 is the immediate resistance. Besides, XRP has reached an intraday high of $0.2061 and adjusted to $0.2044 (market value).
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