Only a few more days to reverse the market
For many it is certain that the crypto market is in a new bear market. So it comes as a bit of a surprise that PlanB, the well-known analyst on Twitter, says that the BTC can still reach a price of USD 10,000 by December. This he said in a tweet on 25th November where he said that the BTCUSD could very easily see a five-digit figure before 2020.
“Call me crazy, but it would hardly hand me over if the year 2019 closed with 10k+ for the Bitcoin … Opportunities like this (#bitcoin below the S2F model value, 6 months before halving) are rare.”
Such a target would mean a 40 percent increase from the current price level. This may sound like a lot, but it’s already happened, even last month, when there was a 42 percent increase.
PlanB’s tweet refers to its famous stock-to-flow value, where the current price is below average. The BTCUSD, at $7,100, is $1,200 below the tool’s estimate of an average price of $8,300 by the time it halves in May 2020.
The bearish sentiment that is evident with the approach of halving also attracted the attention of the well-known analyst Willy Woo. Last week, he took a closer look at the unique quality of the market this year and noted that previous halving events took place during the bullish price action.
He responded to PlanB’s tweet, saying that the time for a surge to $10,000 was almost up:
“We would have to close over 8,300 by the end of the month (another 4 days), otherwise we are likely to have a bearish December testing new lows.”
He added that 2020 will be a good year, no matter what happens in the short term. Mike Novogratz is a little more insecure because he also expects another setback. “The $BTC chart must recover from 7,500 in the next two days, otherwise we’ll be in the 6k-7400 range, which would be anything but pleasant,” he wrote on Twitter on Tuesday.