$288K BTC price 'still in play' says PlanB as Bloomberg champions Bitcoin halving
June 12, 2021. Summarized by summa-bot.
Compression ratio: 40.1%. 1 min read.
Bitcoin hitting $288,000 is "still in play" says PlanB despite BTC price pressure.
Bitcoin (BTC) can still hit an average price of $288,000 in the next three years, confident analyst PlanB has said after BTC/USD shed 7% on June 12.
In a tweet on Saturday, the creator of the popular stock-to-flow Bitcoin price models cast aside doubts over the Bitcoin bull run continuing.
In additional comments, PlanB noted that 2021 really did fit with behavior from other all-time high years — 2013 and 2017 — further quashing suggestions that Bitcoin is facing serious problems.
Related: Bitcoin price gains 6% as Bloomberg analyst favors $40K over $20K next
On Saturday, he described Bitcoin's declining supply as a "bullish ace" for the largest cryptocurrency which can naturally boost price.
"Bitcoin $100,000 Has Bullish Ace Up Its Sleeve: Declining Supply — This year follows a cut in Bitcoin supply, making the price more likely to appreciate if past patterns hold," he summarized.
His bullishness comes as Taproot, described as the most important Bitcoin network upgrade in four years, is locked in for activation by nodes.