Bitcoin has been attempting to go past $7,000 and $8,000. At present, the digital asset is trading around $7,990.45 with 0.68% loss in the last 24 hours.
In the last 7 days, Bitcoin’s all-time high was $8,261.94, and there’s still hope the digital asset will touch the mark or go beyond.
Bitcoin Breakout Imminent. Upside or Downside?
Bitcoin has still not experienced breakout in the present consolidation phase. However, a Youtube cryptocurrency analyst is saying the Bitcoin breakout his imminent due to the declining volume. In his prediction on The Moon, Carl said he’s seeing descending restriction.
Carl asked people in a pool on whether Bitcoin will breakout on the upside or downside. A large number of those who partook in the pool were optimistic bitcoin will breakout on the upside.
With the declining Bitcoin volume, Bitcoin is definitely going to breakout any time, says Carl. According to him, Bitcoin could have broken in the last 2 hours or in the next two hours.
With Bitcoin consolation phase preceded by a huge move, there is no doubt that Bitcoin will break out on the upside. This he said is the prediction of the larger percent of those who partook in the pool. He advised traders to wait until Bitcoin finally breaks out to know if it will follow the upside or downside trend.
Bitcoin Could Reach $100,000
Cryptocurrency analyst and author of “Cryptocurrencies Simply Explained”, Dr., Julian Hosp. has revealed an evaluation of bitcoin’s future performance using an indicator that calculates the abundance in commodity markets.
Popularly regarded as the yearly Stock-to-Flow Ratio, the indicator calculates annual production rate with the amount of assets available in inventories. The total ratio shows the time it takes the stock to reach the flow.
According to Dr. Hosp., it will take 62 years for the available gold to reach Stock to Flow. Bitcoin, however, will take around 27 years to touch its 17.7 million total circulation at the rate of 657,000 annually.
Meanwhile, with the future halving, the supply of Bitcoin would be reduced from 12.5 BTC to 6.25 BTC. Therefore the yearly flow of Bitcoin would go down to 328,500 BTC.
He said in Bitcoin, regardless of the price, more bitcoin cannot be produced. This is not like gold where one can produce more.
According to him, there is no addition to the amount of Bitcoin flow/minute, which is around 12.5 bitcoins.
Dr. Hosp. used Bitcoin SF Multiple. He said the present Bitcoin price is within the range of $8,500 and $9,500.
The moment Bitcoin halving is done, the Stock-to-Flow Ratio will increase to 54. He said this will take BTC price to a minimum of $100,000 or maybe even $300,000.