Analyst Pits $100,000 Bitcoin Price Prediction Against Bubble Woes

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Bitcoin is correcting lower after rallying to its record high of approx $32,000, but it hasn’t deterred one analyst from making extravagant bullish calls. A $100K Bitcoin PlanB, the creator of Stock-to-Flow—a widely-cited price prediction model among Bitcoin aficionados, said Sunday that he sees the flagship cryptocurrency hitting $100,000 anytime between the second and the third fiscal quarters of 2021. He based his bullish analogy on Bitcoin’s market performances after its so-called “halvings,” a periodic event that cuts its active supply by half. “If history is any guidance and bitcoin continues its current trajectory, BTC could be $100K somewhere between April and September,” noted PlanB. Bitcoin’s price rallies after its previous two halvings in 2012 and 2016. Source: PlanB PlanB’s analysis takes cues from Bitcoin’s limited supply cap of 21 million. As its production rate slows down over time—and demand increases simultaneously—the cryptocurrency’s probability of rallying higher becomes stronger. That…

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