The Bitcoin price surpassed $ 11,700 today, which is positive, says the maker of the Stock-to-Flow model. He says Bitcoin is now well on target to reach $ 100,000.
BTC on the way to reach $ 100k
PlanB, the well-known creator of the stock-to-flow model, believes Bitcoin is well on its way to reaching $ 100,000 as the price has risen to annual highs. He says:
“I can’t chart now (at sea), but the S2F model is perfectly on track.”
The Bitcoin price has risen by 17 percent this week. This is because it has broken an important three-year downward trend line. This ensures that the Bitcoin price may rise a lot further.
Bitcoin is taking back the momentum
The Bitcoin price has been performing extremely well lately, which means that several altcoins are losing some ground. The Spartan Group co-founder says:
“If BTC breaks the resistance at $ 11.4K, we’ll see a price above $ 12K in no time. This may stop the price increase of altcoins in the short term. ”
We often see that there is a significant Bitcoin price increase, just after a period in which altcoins have made a lot of profit. Such a trend occurs because investors are looking for security when the altcoin market overheats.
Recently, for example, we saw that all DeFi tokens rose enormously in price. FOMO acted, causing the prices of the coins to rise enormously. DeFi tokens like Compound, Synthetix Network and Aave made huge gains. However, recently we have seen more and more investors start selling DeFi tokens as momentum moves back to BTC.
Is Bitcoin going to rise to $ 14,000?
The question now is whether Bitcoin will soon be able to break through the $ 12,000 resistance. Some traders are currently taking a short position. A price increase of 17% in six days is no small feat. These short traders say there is almost a correction to come.
However, when the trend is overwhelmingly bullish, a small drop in price can only fuel more. If the $ 12,000 resistance is broken, BTC appears to be ready to move up towards the $ 14,000.