Analyst PlanB has updated his 2020 BTC prediction. In his latest, he affirms that Bitcoin will not fall below the recent lows of $8,000. He has further predicted where he expects Bitcoin to go with the upcoming halving. His prediction comes just a day after Bitcoin reached $10,000.
Bull Run To $100K Starts After The Halving
Analyst PlanB is famous for coming up with the stock-to-flow chart which helps measure where Bitcoin is headed with respect to its supply and halving. In amidst all the analysis, the popular analyst has shared his two cents.
Through a Tweet, PlanB has affirmed that Bitcoin is unlikely to fall below $8,200. This will come as good news to panicking investors who have been worried that Bitcoin’s rejection at $10K means bear season. He has further confirmed that going into the reward halving, Bitcoin will be trading above $10K. So, below $10K, is, by all means, a chance to buy and consolidate for the bulls.
His 2021 prediction of Bitcoin at $100K is one shared by another popular analyst Anthony Pompliano. Pompliano has also been a believer that Bitcoin will reach $100K by 2021. In fact, according to a recent Tweet, this bull rally that begins with the halving will end with Bitcoin reaching this high.
Shortly after Bitcoin reached $10K on Sunday he commented:
“Bitcoin just hit $10,000. I still think that Bitcoin will hit $100,000 by the end of December 2021.
Fixed supply. Increasing demand. Time will tell.”
BTC Bulls Look To Reach 2019 High
After dropping from the highs of $10K to settle just above $9,800, Bitcoin has spent much of Monday trading sideways. The bulls seem to still have a hold of the market with fundamentals, starting with daily trading volume at over $35B, still looking strong.
Needless to say, the coming reward halving is still a key trigger although some analysts are expecting a price capitulation before it takes place. This has many expecting Bitcoin to test the $6K levels.
As Bitcoin continues to trade below $10K, the bulls will be taking full advantage and reaccumulating. Their next key target will be $11K before finally trying to top 2019’s high of $14K.