A large staff of analysts, ranging from PlanB to Van de Poppe, are updating their price predictions for the new year as Bitcoin price squeezes below $17,000.
S2F inventor PlanB says 5,800% rally for Bitcoin is approaching
The inventor of Stock-to-flow (S2F), a metric that converts Bitcoin’s supply to price target, is doubling down on his prediction of the big rally for Bitcoin. In a new interview with crypto analyst Scott Melker, PlanB claimed that Bitcoin could rise more than 5,800% based on the S2F model. This model predicts changes in value by comparing the current price of Bitcoin with the rate at which its supply is mined. Bitcoin’s supply will tighten with the next halving scheduled for 2024. PlanB is updating its pre-date price forecasts with the following levels:
Assuming the old model, the original 2019 model, the $55,000 model is correct, then the next halving is between $100,000 and $1 million.
PlanB has previously said that a short-term Bitcoin base could form within the next three months. He said that Bitcoin typically hit a bear market low about 18 months after hitting a record high price. PlanB now says it’s confident in the prediction as long as its model is invalid or “Bitcoin doesn’t die.” However, for the analyst’s estimate of $1 million, the BTC price needs to increase by 5,837%. PlanB has this to say about this herpes prediction:
I have no doubt we’re going in the $100,000-1 million range, and however you look at it, the current price is very good if that’s what you believe. So yes, I’m very optimistic.
Tone Vays points out fake rallies
The prominent crypto analyst says the BTC price is currently looking weak due to another capitulation:
It still doesn’t look very good because we’re stuck at $17,000 and nothing is going up yet. That’s why we continue to consolidate and frustrate the majority of people, which is one of the ways markets hit bottom.
BTC is currently struggling with the horizontal resistance line at around $19,000. Therefore, it seems like there has been a rebound towards the resistance level since June, which could be a bullish or breakout moment for the price. Vays warns that the BTC price could be in the midst of a “dead cat bounce,” which is largely considered a bearish bias in the long run. Therefore, it points to the possibility of a sharp decline in the coming days:
On a weekly scale, it looks like we’re still in the middle of a dead cat bounce towards that area of the $19,000 breakout. Once we reach $19,000, it will be an area of success or disruption for Bitcoin. So, for Bitcoin to reach $21,000, it must rise above $19,000.
Tone Vays talks about the possibility of breaking $10,000 in the short term
The analyst believes that in the case of a bearish move, it could only happen for a short time. In part of the YouTube post, he said about the downside risks:
In reality, I personally do not expect Bitcoin to drop below $10,000. If there is, I expect it to stay there for 10 minutes. I’m 99.9% sure I won’t be able to buy at this price because either the stock market will crash or I won’t be sitting there with my finger on the mouse. So, is it possible for Bitcoin to suddenly drop to $9,000, $8,000, $6,000?… Yes, it is possible, but there will be people lucky enough to buy it at these prices so quickly that it will recover very, very quickly.
Edul Patel says Bitcoin price will reclaim $17,000
“Most cryptos fell on Wednesday with increasing selling pressure as whales slashed entry volumes,” Mudrex’s CEO said. On Bitcoin, Patel said, “The next immediate support for BTC is at $16,787. We can see an uptrend at $17,000,” he says.
Michaël van de Poppe agreed with Patel
Another well-known crypto analyst shared his “mega moves” for Bitcoin. The technical analyst says he cannot wait for “BTC to break $16,950”. Van de Poppe is watching the price movements from this level closely.
Mega moves of #Bitcoin, can’t wait for the breakout to $16,950.
— Michaël van de Poppe (@CryptoMichNL) December 7, 2022
Meanwhile, OANDA senior analyst Edward Moya talked about Bitcoin’s massive resistance at $17,500. He also states that this should last until next week’s FOMC decision:
The crypto can only trade in ranges that can support intraday volumes. Long-term crypto positions waiting to be placed will require either a fundamental bullish trigger or a capitulation moment where Bitcoin tests a key technical level.
CryptoQuant analyst says UTXO volume has risen sharply for the first time
Dan Lim said that the volume of unspent transaction output (UTXO), which is estimated to be purchased between 1 week and 1 month, increased sharply for the first time in the current bear market. Lim pointed to three instances where this move has bottomed out in the past. These; The 2015 bear market was the 2018 bear market and the current bear market. “It took 1358 days in 2018 and 1444 days in 2022,” the analyst says.
$BTC – possibility of the bottom
"The percentage of UTXO volume estimated to have been bought 1 week to 1 month increased sharply for the first time in this bear market."
by @DanCoinInvestor— CryptoQuant.com (@cryptoquant_com) December 7, 2022
cryptocoin.com As you follow, Bitcoin spent time under $ 17,000 on December 8th. Analysts Michaël van de Poppe and Edul Patel are confident that they will get that level back.
