Home » Business » “There is little seasonality.” Why Bitcoin won’t rise in price to $ 100 thousand in December :: RBC.Crypto

“There is little seasonality.” Why Bitcoin won’t rise in price to $ 100 thousand in December :: RBC.Crypto


Experts spoke about the prospects for the price of the first cryptocurrency until the end of this year

Bitcoin price will not reach $ 98 thousand until the end of November, despite the forecast of the S2F model, according to an analyst at PlanB. However, he considers the model to be sound and expects the price of the first cryptocurrency to rise to $ 100,000 in the coming weeks.

The Stock-to-Flow (S2F) model predicts the value of bitcoin by calculating the ratio of the total available supply of an asset to its annual growth.

In early November, PlanB claimed that the price of bitcoin could reach $ 500,000 in early 2022. The analyst explained that the first cryptocurrency is somewhere in the middle of the current bullish trend and the peak of growth could be much higher than expected.

Bitcoin continues to decline in price after November 10, it updated its all-time high at around $ 69 thousand. On November 26, the rate of the first cryptocurrency dropped to $ 53.5 thousand. As of November 27 at 17:55 Moscow time, the asset is traded at $ 54.8 thous.

The current decline looks like a set of whale positions, because there are no factors for the start of a large-scale correction, institutions are in the stage of recruiting positions, says Anton Kravchenko, CEO of Xena Financial Systems. According to him, a large number of orders have been formed at the level of $ 50 thousand, so there is a possibility that the rate will push off and go higher, but, most likely, the next one will be $ 75-80 thousand and it is too early to talk about a confident movement by $ 100 thousand.

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Roman Nekrasov, co-founder of the ENCRY Foundation, also called growth to $ 100 thousand this year unrealistic. However, in theory, he believes that such a scenario is possible.

“There is a certain seasonality for the bitcoin rate, traditionally after Thanksgiving and before Christmas and New Years, the crypto market is in an upbeat state. But seasonality alone is not enough for such a jump in a month. A powerful impetus is needed here, and as such, I see the permission of the spot bitcoin ETF (which is unlikely to happen in the next month or even six months). So there are chances, but they are almost nonexistent. Seasonality and general positive sentiment in the market alone would have been enough for a breakthrough to $ 80,000, ”the specialist concluded.

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– PlanB analyst: Bitcoin price will not reach $ 98 thousand by the end of November

You can find more news about cryptocurrencies in our telegram channel RBC-Crypto.

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