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. 

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Ethereum ETFs flows data pour in after crossing $1 billion trading volume in first day of launch

Ethereum ETFs flows data pour in after crossing $1 billion trading volume in first day of launch

Ethereum ETFs have crossed the $1 billion mark in trading volume on the first day of launch. Investors won't substitute Ethereum for Bitcoin but would hold both, says Bitwise's Matt Hougan. Ethereum could replicate Bitcoin's price post-spot BTC ETF launch following recent price action.

More Ethereum News

Bitcoin Conference could host huge election showdown with Kamala Harris as potential speaker

Bitcoin Conference could host huge election showdown with Kamala Harris as potential speaker

Bitcoin Conference could be major price catalyst after reports that Vice President Kamala Harris may be one of the speakers. Donald Trump will speak on crypto regulations and a Bitcoin strategy at the conference. Kamala's camp has been asking questions about cryptocurrencies, claims Mark Cuban.

More Cryptocurrencies News

dYdX recovers compromised v3 platform hours after leaked sales attempt

dYdX recovers compromised v3 platform hours after leaked sales attempt

The dYdX team reported an attack on its DEX's version 3.0 platform on Tuesday. The breach came hours after a Bloomberg report revealed that the team could be planning to sell the v3 platform to intending buyers.

More dYdX News

Vitalik Buterin reveals new cryptographic protocol Circle STARKs

Vitalik Buterin reveals new cryptographic protocol Circle STARKs

Vitalik Buterin revealed a new blockchain protocol for enhancing efficiency, Circle STARKs. Circle STARKs will utilize smaller fields to improve speed and maintain security. Polygon Labs and StarkWare are major collaborators in building Circle STARKs for ZK rollups.

More Cryptocurrencies News

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.

Read full analysis

BTC

ETH

XRP