Bitcoin prints new ATH and is on its way to new records
The world's largest cryptocurrency Bitcoin is gaining momentum again, reaching $68,000 and hitting its all-time high. In any case, according to multiple indicators, the first cryptocurrency has no plans to stop.
$68,000 is the next victim. pic.twitter.com/iNzCIhFYWm— Bitcoin Magazine (@BitcoinMagazine) November 8, 2021
The stock-to-flow model from сryptoanalyst Plan B already predicts a $100K target price for BTC by the end of the year. However, the author also predicts that the BTC price could average $288K in this bullish cycle.
As you know S2F model predicts $100K average for this halving period (and based on floor model we reach $100K this yr). But S2FX model predicts $288K average this cycle (we need some real fireworks in 2022 for that). Let's see where this 2nd leg of the bull market will take us🚀 pic.twitter.com/ttiNT5yMKe— PlanB (@100trillionUSD) November 8, 2021
While Bitcoin is trading at an all-time high, based on a comparison by a cryptoanalyst named TechDev, this could only be the beginning of the next bull run. The chart also shows that if BTC repeats the behavior of its previous full runs, we would expect tops somewhere above the $200,000 levels.
In addition, popular crypto investor Lark Davis notes that whale money, not retail, is behind the recent pump.