Quantitative crypto analyst PlanB has predicted that BTC will reach $10,000 by the end of the year despite the current pullback in crypto prices.
PlanB, who gained prominence through the application of stock-to-flow (S2F) price analysis with BTC, says that it would not be a “surprise” if Bitcoin manages to close above $10k by the end of 2019.
According to a tweet posted on November 25, PlanB highlighted the “rare” opportunity of Bitcoin trading below the stock-to-flow model just six months out from the next halving event:
Call me crazy, but it wouldn't surprise me if BTC closes 2019 at $10k+ .. opportunities like this (#bitcoin below S2F model value, 6 months before the halving) are rare. pic.twitter.com/ADwqixd9EF
— PlanB (@100trillionUSD) November 25, 2019
Willy Woo, another popular cryptocurrency analyst and a partner at crypto hedge fund Adaptive Capital, commented on PlanB’s analysis with a more dire take on the market.
According to Woo, Bitcoin must close above $8,300 by the end of November or else be in danger of testing new lows in the final month of the year:
We'd need to close above 8300 by the end of the month (4 more days), or we'll likely have a bearish December to test new lows. 2020 will be a good year, I almost want it to go lower to collect cheaper coins.
— Willy Woo (@woonomic) November 26, 2019
Woo’s response comes just a week after gold bug Peter Schiff trolled Bitcoin HOLDers by claiming that BTC would dump to $1000 before going “much lower.”
It's going much lower than $1,000. Its just that $1,000 is the price objective for the head-and-shoulders top. I would expect a significant bounce from that level, before the next leg down takes the price much lower.
— Peter Schiff (@PeterSchiff) November 21, 2019
Featured Image Credit: Photo via Pixabay.com
