Bitcoin has now finally broken the barrier it has been trading since the start of 2022. In early January for the first time Bitcoin surged to hit $47,000 after it increased by 5%. But the bulls couldn’t hold the position for too long and traced back. However, in the month of March bulls were back in charge and never stopped since then. The currency has seen almost $10,000 rise over the last two weeks.
At press time Bitcoin price is trading at $47,573 with a surge of 0.89% in the last 24hrs.
Bitcoin (BTC) Price To See $100k Soon?
A popular Crypto analyst PlanB with over 1 million followers on Twitter, who provided Stock-to-Flow (S2F) model price prediction last year has remained highly popular and controversial.
A pseudonym crypto market quant claims in a recent tweet that PlanB’s S2F model representing the colors attached to graphical representation is being misrepresented. Further adds that as per previous events, whenever the chart indicated a green zone during 2014 and 2018, the Bitcoin price has crashed.
On the flip side, Plan B clarifies the misconception by saying that
“Some people think that because bitcoin crashed on the green in 2014 & 2018, BTC will crash again on the green in 2022. But this could be a coincidence… S2F says nothing about WHEN BTC pumps or crashes.”
However, S2F continues to receive criticism. Today, in an article published in Bitcoin Magazine by a guest author, Harold Christopher Burger, a software engineer and researcher, calls PlanB’s S2F model too bullish and says the model will fail.
Meanwhile, Burger is also bullish on Bitcoin where he expects Bitcoin to have brighter days ahead. Burger predicts Bitcoin to hit $100,000 before 2028 and $1 million by 2037.
Nevertheless, PlanB is quite confident about his S2F model’s approach but also says he could be wrong as well. Interestingly, it’s just not PlanB, there are many other bullish models in the Crypto market. Market participants like Antoni Trenchev, Nexo founder, look forward to the Bitcoin price hitting $100k by the end of 2022.