Since the infamous 40% drop in May of this year, the crypto market has been trading between support and resistance, also called range-bound. Without a strong move in either direction, prices have been going back and forth with no clear indications yet as to what sort of a trajectory it might follow in the short to medium term.
There have been several analysts going on record to claim that we are in a short-lived bear market. However, crypto analyst and creator of the stock-to-flow model, PlanB, shared his views with his followers on Twitter.
Attributing the current Bitcoin price action to the energy stir caused by Elon Musk and further fueled by China’s crackdown on mining, PlanB came with a worst case scenario where Bitcoin could see some rough summer months ending the year on a $135,000 price. Nonetheless he did not rule out a $450,000 year end value for the cryptocurrency.
Bitcoin is below $34K, triggered by Elon Musk's energy FUD and China's mining crack down.
There is also a more fundamental reason that we see weakness in June, and possibly July. My worst case scenario for 2021 (price/on-chain based): Aug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135K pic.twitter.com/hDONOVgxH1
— PlanB (@100trillionUSD) June 20, 2021
PLanB remained vague about the “fundamental reason” for his predicted June and July weakness. When one of his followers asked him to elaborate, the analysts said he would come back to that later this year.
Just a few days prior, on-chain analyst Ki Young Yu, commented on the recent range-bound dynamics and called for patience amidst these possibly treacherous calmer waters:
$BTC market is very uncertain right now.
Whale selling indicates a bear/fake-bull market, and retail selling implies a bull market. We're in neutral now.
Stop trade, be patient and wait for the next volatility. pic.twitter.com/obXS6eFBGN
— Ki Young Ju 주기영 (@ki_young_ju) June 18, 2021
The post PlanB is convinced Bitcoin will end the year over $100,000 appeared first on iGaming.
