If Bitcoin achieves a market capitalization of USD 10 trillion, it would surpass gold as the main asset of the market. The analyst believes that Bitcoin is still in a bullish trend and could hit the cap of USD 288,000 in December.
Everyone will remember 2021 as the year that Bitcoin (BTC) hit an all-time high above USD 64,800. Although the first cryptocurrency is suffering a setback, its price could still skyrocket to USD 288,000 per unit.
Market analyst “PlanB”, identified as @100trillionUSD on Twitter, makes the previous prediction. The researcher believes that Bitcoin is still in the race to reach that figure. That would validate his Stock-to-Flow model, which is in line with Bitcoin’s price history.
At the moment, Bitcoin is meeting the parameters to reach a market capitalization of USD 10 trillion. If Bitcoin manages to do so, it would surpass gold as the main asset of the market. For the past several years, the Bitcoin ecosystem has debated that fact.
“USD 288 thousand is still in play. It would really surprise me if Bitcoin did not touch the black line of the S2FX model at this stage. Despite its current volatility, the yellow- green and blue dots will be (much) higher than the red-orange dots,” PlanB shared on Twitter.
Despite Volatility, the Price of the Pioneering Cryptocurrency Would Rise
Almost three months ago, the analyst had commented that USD 288,000 was a figure that Bitcoin could reasonably achieve. The scenario was different at that time as Bitcoin broke its price records almost daily. However, the pioneering cryptocurrency has lost 45% of its price so far since May.
Putting aside the reasons that caused this drop, PlanB is confident that Bitcoin will rise again as it is still in a bullish trend. The USD 288,000 figure would be the cap for this four-year cycle, and the first cryptocurrency could reach it in December.
PlanB’s model is sectioned in that amount of time and includes the years in which the Bitcoin halving occurs. In other words, it takes into account the times when the issuance of coins on the network undergoes a reduction by half. Many consider this to be a bullish element as it contributes to a bigger shortage of coins in circulation.
Renowned analyst Willy Woo shares PlanB’s view on the bullish trend in the market. According to Woo, Bitcoin is oversold relative to its fundamental price. He believes that Bitcoin will recover within a few weeks and will start trading between USD 55,000 and USD 65,000.
Woo has not changed his position much and remains firm in his opinion that the bullish market for Bitcoin will continue. However, now it seems that the recovery of the price of Bitcoin is more accelerated.
Satoshi Nakamoto’s cryptocurrency has proven on many occasions that it can bounce back from its worst all-time lows. PlanB and Woo are just two of many analysts forecasting a new all-time high for Bitcoin. It is only a matter of time until the pioneering cryptocurrency reaches and even exceeds USD 288,000.
By Alexander Salazar
