After Bitcoin (BTC) has retaken the important psychological level at $71,000, the flagship decentralized finance (DeFi) asset seems to be moving towards the exceptionally bullish price target set by a renowned cryptocurrency analyst, who believes it might reach sooner rather than later.
Specifically, Bitcoin could hit the target price of “at least the $100,000 level we should see any time soon,” according to the analysis by pseudonymous crypto trading expert PlanB, who has shared his insights on the maiden crypto asset in a video streamed on his YouTube channel on June 1.
Bitcoin 200-week moving average chart. Source: PlanB video
Bitcoin stock-to-flow (S2F) model. Source: PlanB Twitter
Earlier in mid-May, PlanB argued that Bitcoin miner revenue tended to recover in two to five months after the halving, and after that, the price of Bitcoin “goes vertical.” As it happens, June 19 will mark two months since the last Bitcoin halving, so the vertical price action could occur shortly after that date.
Bitcoin price analysis
Currently, Bitcoin is changing hands at the price of $71,030, which suggests a modest increase of 0.12% in the last 24 hours while making more significant progress of 4.60% across the previous seven days, adding up to the advance of 11.50% over the past month, as per the latest chart data on June 6.
Bitcoin price 30-day chart. Source: Finbold
All things considered, Bitcoin could, indeed, hit a new all-time high (ATH) of $100,000 in the following weeks, as the crypto analyst has opined. However, things in the crypto market can sometimes change entirely, so doing one’s own research when investing is critical.
Watch the entire video below:
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
