Wednesday began for most cryptocurrencies from the TOP 10 CoinMarketCap market cap rating with a slight drop. At the press time, Bitcoin is trading at the level of $ 9,486. The first cryptocurrency lost 0.29% of the cost per day. Only Ethereum (ETH) and Litecoin (LTC) maintained a positive trend.
Meanwhile, members of the crypto community, including experts and analysts, keep analyzing the possible behavior of BTC rate in the future.
PlanB, a popular and respected analyst in the crypto community, in turn, outlined the immediate goal that, in his opinion, Bitcoin cryptocurrency is aiming for. The specialist believes that the trend maintained by the first cryptocurrency will make a unit value of BTC reach the level of $ 18,000.
#Bitcoin = exp(-60) * S&P500 ^ 8.7 = $18K 🚀 pic.twitter.com/JSawLgPpwe
— PlanB 🔴 (@100trillionUSD) June 16, 2020
Many traders supported the positive forecast. The prospects for the certain movement of BTC, in a opinion, are also indicated by the gradual increase in local price lows.
As one Twitter user notes:
“Stock-to-Flow chart, possibly indicating the next bull cycle.”
Thus, we can see a stronger trend, at the stage of which investors will perceive Bitcoin as “digital gold”.
Speaking about the dynamics of the market, PlanB said that by 2024, the average Bitcoin price will be about $ 288,000. This level can be achieved even this year. Before updating the forecast, the expert said that the average price of Bitcoin in the period until 2024 will be $ 100,000.
PlanB is a nickname that hides a Wall Street trader who has decided to apply his knowledge to predict the dynamics of Bitcoin prices. His Stock-to-Flow (S2F) model has become famous for pointing to the long-term trend of Bitcoin cryptocurrency price growth.
BTC implements a positive movement amid problems of the traditional financial system. The interest of market participants in a new financial instrument can be explained by the high level of profitability of working with the latter.
Previously, participants in the crypto community agreed that only patient users can benefit from investments in BTC.
A lot of folks have been asking why BTC isn’t higher right now.
If you own #Bitcoin, just be patient.
BTC has historically transferred wealth from impatient hands to patient. Just be patient.
Central banks are doing all the leg work for you as we speak. Just be patient.
— Travis Kling (@Travis_Kling) June 16, 2020
Note, the largest digital currency Bitcoin since July 2010, has risen in price by more than 9 million percent.
The dynamics of Bitcoin over the past decade gives odds to all other assets, even taking into account its powerful leap up and the subsequent mega-collapse.
The S&P 500 index tripled during this period. Gold rose 25%. Some of the top 3,000 stocks in the Russell index are Exact Sciences Corp. and Intelligent Systems Corp. grew by about 3,000% each. These rises fade in comparison with one of the latest – and one of the most controversial – wonders of the financial world.
Of course, these figures attract investors. In the next decade, a completely different stage of growth is needed, which can lead to new ATH. Thus, only patient users can benefit from cryptocurrencies.