Bitcoin’s price floor rises and rises
With exchange reserves dwindling and major corporate buy-ins expected to be announced in the coming weeks, analysts are all but guaranteeing BTC price upside.
As Fintech Zoom reported, long-term holders are now in possession of more of the supply than at any time since October 2020.
As Clemente described, it is “a price floor based on Bitcoin’s real-time scarcity.”
A screenshot of the new chart shows a lower boundary for BTC/USD as being $39,000 as of this week — a level that neatly lines up with current technical predictions of where the pair should bounce in the event of a reversal.
Bloomberg eyes “significant advance” in 2021
Stock-to-flow, meanwhile, has long demanded stronger performance from Bitcoin spot price, and its creator, PlanB, continues to stick by a $135,000 “worst case scenario” end-of-year close.
Related: BTC holds $48K as Evergrande forms ‘Lehman Brothers moment’ for China
“Past Bitcoin trading trends and the crypto’s declining supply vs. mainstream adoption suggest a significant advance in 2021, potentially to $100,000, we believe,” chief analyst Mike McGlone said as part of Twitter comments that echo Clemente’s.
McGlone said that no fewer than five charts currently point to the magic six figures — one year after Bitcoin first hit a five-figure price tag and never lost it.
Read here about Ethereum price.
And here about markets data.