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Bitcoin to blast off to $100,000 following Plan B’s Stock-to-Flow model

  • Plan B has reaffirmed Bitcoin price target of $100,000 in one standard deviation band in his Stock-to-Flow model.
  • One of the largest asset managers, Fidelity Investments, plans to launch a spot Bitcoin ETF in Canada this week. 
  • Alex Krüger has placed the odds of Bitcoin hitting fresh all-time highs by the year-end at 17%, as headwinds increase. 

Analysts are evaluating the probability of Bitcoin hitting fresh all-time highs before the end of 2021. There is a spike in fear among Bitcoin traders, but open interest in the futures market remains high despite sell-off. 

Bitcoin price is on track to hit a new all-time high above $100,000

Plan B is popular for his Stock-to-Flow model that has projected a $100,000 target for Bitcoin price before the end of 2021. The analyst is bullish on Bitcoin and tweeted earlier on Wednesday to reaffirm that his prediction is on track. 

The Bitcoin “Fear and Greed Index,” an indicator used to evaluate the sentiment of traders in the market, indicates “fear” among market participants. Despite “fear” and increased risk of sell-off across exchanges, the open interest in Bitcoin futures on Bybit, a cryptocurrency exchange, has remained high. 

Open interest (OI) is the total number of Bitcoin futures contracts bought or sold. The rise in OI indicates increasing activity in Bitcoin futures and higher volatility in the underlying asset price. A sudden increase in OI historically indicates a massive consolidation in Bitcoin price. 

Fidelity Investments, an American multinational firm, is set to launch its spot Bitcoin ETF in Canada this week. Proponents expect the launch of a Bitcoin spot ETF to impact the asset’s price positively. 

Alex Krüger, a cryptocurrency analyst, believes that the odds of Bitcoin price hitting fresh all-time highs before the end of 2021 are approximately 17%. The increased headwinds have reduced the odds of Bitcoin price hitting a new all-time high from 2/3 to 1/2.

FXStreet analysts have evaluated the Bitcoin price trend and predicted that the asset has one obstacle to overcome before going parabolic. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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