A technical trader who correctly predicted Bitcoin’s crash from $11,600 to $6,400 last year says a BTC rally to $100,000 is coming, but may take significantly longer to materialize than some analysts expect.
The pseudonymous analyst who goes by the name Dave the Wave just released a new projection on where Bitcoin may be heading, which shows the leading cryptocurrency hitting the six-digit mark in early 2023.
If his chart plays out, Dave says it will invalidate PlanB’s hotly debated Bitcoin stock-to-flow (S2F) price model, which predicts that the flagship cryptocurrency will reach $100,000 in 2021. He says it’s important for traders to remain realistic and skeptical.
“To take BTC’s early years as normative for the market going ahead is unwarranted in my opinion. It’s like saying something like ‘the teething phenomenon’ will re-occur throughout life. Fact is, BTC is a maturing market.”
PlanB’s latest S2F forecast predicts BTC will breach the $100,000 mark by August 2021. Earlier models showed it would happen by December 2021.
The analyst says so far his model is perfectly tracking Bitcoin’s price movements. He believes Bitcoin is currently gearing up for another move to the upside.
3rd red dot (currently $11850) above 2nd red dot (#bitcoin July close $11356) and above 1st red dot (June close $9132) .. next target: Dec 2017 ATH close $14K ? pic.twitter.com/X9DePlaDTc
— PlanB (@100trillionUSD) August 16, 2020
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