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Analyst on Bitcoin: ‘I don’t think $60K was the top, far from it…’

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Bitcoin [BTC] cannot rise steadily over years as adoption advances, says Shapeshift CEO Erik Voorhees
Source: Unsplash

The recent crypto market crash saw various coins plummet by double-digits. The largest crypto by market capitalization, BTC, saw a fall of around 30%, followed by ETH which fell by 40%. Even Dogecoin saw a decline of around 45%. Many traders asked the same question -Is it time to sell? Well, many of them already did, as the selling pressure on various exchanges increased significantly.

However, many bitcoin proponents didn’t let panic-sell take over the HODL strategy. Renowned analyst, PlanB, known for his contribution towards the S2F model, still projects BTC’s price to surpass the $100k mark and even further despite the recent dip.

PlanB expressed his optimism about BTC in conversation with ‘The Wolf’, Scott Melker.

PlanB opined about his Stock-to-flow model which actually supported his price projections. He stated:

“It’s more accurate than I could have dreamed… Currently it is tracking like a train- S2F model shows Bitcoin reaching $100,000 and the model has Bitcoin jumping past $288,000 before the next bear market hits.”

Source: PlanB Twitter

He even recently tweeted regarding the same:

He also commented:

On the topic of the Bitcoin bear market, he reiterated,

“A bear market is possible – as low as $100k to $200k maybe below where it could see 80-85% retracement like previous cycles”

He also addressed the price targets after the next BTC halving in 2024; he said:

“Post halving, 2025 onwards is gonna be interesting. S2F model predicts BTC price from $1 million as per the S2F model and $S2FX model says $5million.”

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Shubham is a full-time journalist at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on crypto-regulations across the United States and Europe. Also, a die-hard Chelsea fan #KTBFFH.

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