2020-11-7 12:27 |
There are various models that try to predict the price of Bitcoin. The Stock to Flow model is by far the most popular one and historically accurate. The main idea behind this model is Bitcoin’s total supply limit and halving events
Basically, the model predicted Bitcoin to achieve $10,000 around mid-2020 and has x10 jumps every 4 years starting from $10 to $100, then $1,000 to $10,000 and $100,000 next. According to the model, Bitcoin would achieve $100,000 by the end of 2021, having 2024 as the limit before the next big jump.
The recent price activity of Bitcoin has been extremely positive not only by breaking $12,000 and $13,000 but also for breaking the correlation with the stock market. Despite the current uncertainty with the US presidential elections, Bitcoin continues climbing higher and has hit a two-year high at $14,439, negating the potential double top at $13,680.
Can Anything Stop Bitcoin At This Point?Looking at the weekly chart, we can observe very little opposition to the upside. Although the RSI is overextended, this also happened on May 6, 2019, and didn’t stop Bitcoin from seeing a 100% price increase.
The next likely price target for BTC seems to be $17,219 and then the all-time high at $20,000. The In/Out of the Money Around Price shows virtually no resistance until $16,182 but robust support areas below.
On top of that, the number of new addresses joining the Bitcoin network has jumped by 22% in the past week, getting close to the all-time highs seen in November 2017, right before the massive rally to $20,000.
Bitcoin also has strong fundamentals backing this rally as major companies like Square and multi-billionaire platforms like Stone Ridge have invested millions of dollars in Bitcoin. Of course, the Grayscale Bitcoin Trust Fund continues to lead the way with more than $6 billion in BTC.
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