Most recently analysts saw sentiment involving ETFs resulting in losses nearing completion. At the same time the upcoming halving factor, which tends to act as a catalyst for price increases in the future, the crypto community continues to speculate how high the price of Bitcoin can reach this year.
PlanB, the popular analyst behind the Stock-to-FlowStock model, believes that the asset will not fall below $40,000.
The major crypto has been through a real rollercoaster since the beginning of the year, triggered by the approval of ETFs in the United States. As many speculated, the launch of these products was indeed a sell-out event, with the price of BTC dropping ten thousand in the weeks after they hit the US market.
However, the asset managed to recover almost all of its losses and earlier today surged to nearly $45,000. According to PlanB, a drop back below $40,000 is unlikely and may never happen again.
This is due to the price that Bitcoin has established on a different scale. The popular analyst points out that the established price of BTC is up overall from last month and now stands at $23,000.
The established price for 2 years is $32,000 and for 5 months is $40,000. Therefore, BTC's current market price of almost $45,000 means that the asset is above all such established prices, which PlanB categorizes as a “very bullish sign.” He also speculated that Bitcoin's market price may never fall below $40,000 again.
With the approval of the ETF and the fourth halving scheduled to take place in two months, the community is focusing on their predictions of BTC price movements.
A recent study by Bitget predicts that the price of BTC could reach $150,000 for the asset in the near future, which means more than double the previous ATH of $69,000. Interestingly, Robert Kiyosaki also made a similar price prediction.
Fundstrat's Tom Lee also sees BTC will be between $100,000 and $150,000 this year but could also rise to $500,000 by the end of the decade.
