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CNBC’s Joe Kernen Teases Bitcoin Surge to $55,000 – BTC, Ethereum, XRP, Litecoin, Bitcoin Cash, Binance Coin, EOS, Tron Forecasts

by Daily Hodl Staff
July 29, 2019
in Bitcoin

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CNBC anchor and newfound Bitcoin believer Joe Kernen is putting a spotlight on Bitcoin’s stock-to-flow ratio.

On a new episode of Squawk Box, Kernen highlights the popular metric, which is typically used to predict the price of precious metals. Stock-to-flow calculates the current supply of a given commodity divided by the amount produced per year.

When applied to Bitcoin, crypto analysts PlanB and Julian Hosp say the indicator tracks Bitcoin’s past price movements with 95% to 99% accuracy and shows the leading cryptocurrency hitting $55,000 in 2020 or 2021 and $1 million per BTC sometime in the next decade.

Although Kernen says he’s teasing Bitcoin believers, he notes the high correlation between BTC’s past price movements and its stock-to-flow ratio.

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Right now, the stock-to-flow for Bitcoin is 25, which means at the current rate of production, it would take 25 years of Bitcoin mining to replace the existing stockpile of BTC that’s already on the market. That number will jump to 50 by Bitcoin’s next halving in 2020, which will cut the amount of BTC rewarded to miners in half.

As Kernen notes, gold’s SF ratio, by comparison, is 62.

“Bitcoin, the next halving is in May of 2020 and – do you have an indication of $55,000?

If you look at stock flow, I’m just saying this for some of the Bitcoin believers, the maximalists. But yeah, $55,000 after the next halving which would be in May of 2020…

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Do you know how long, with what we produce of gold every year, it would take 62 years to produce that much gold? So if you do the same kind of analysis using Bitcoin or silver or anything, you can come up with some of these metrics that are highly correlated.”

Will bitcoin reach $55k by May 2020? @JoeSquawk discusses #btc with @StocktonKatie pic.twitter.com/r1b5rNhX1s

— Squawk Box (@SquawkCNBC) July 29, 2019

Right now, Bitcoin is up 0.62% at $9,522 according to COIN360. Ethereum is up 2.2% at $211.36, XRP is up 1.08% at $0.31 and Litecoin is up 3.08% at $91.32.

With the altcoin market mixed, CoinDesk analyst Sebastian Sinclair says BTC may soon drop below $9,000.

Bitcoin

CoinDesk – Bitcoin faces sub-$9K price move as bear trend strengthens

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Ethereum

ETHNews – Ether close to $200 level as bulls push to gain traction

XRP, Litecoin, Bitcoin Cash, Binance Coin, EOS, Tron

FX Empire – Mixed start to the day could test XRP, LTC and BCH in the short term

Bitcoinist – Bullish divergence spotted on LTC/BTC

NewsBTC – Crypto market at major crossroads: BCH, BNB, EOS, TRX analysis

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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