{"id":129481,"date":"2021-06-20T23:22:07","date_gmt":"2021-06-20T23:22:07","guid":{"rendered":"https:\/\/precoinnews.com\/?p=129481"},"modified":"2021-06-20T23:22:07","modified_gmt":"2021-06-20T23:22:07","slug":"bitcoin-s2f-model-creator-predicts-btc-over-98k-by-november","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/bitcoin\/bitcoin-s2f-model-creator-predicts-btc-over-98k-by-november\/","title":{"rendered":"Bitcoin S2F Model Creator Predicts BTC Over $98k by November"},"content":{"rendered":"
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All might not be gloom and doom for the premier cryptocurrency.<\/span><\/strong><\/p>\n The crypto markets have been range-bound since the infamous crash in May 2021 which witnessed bitcoin (BTC) touch the $30k support level. Since then, the wider crypto market has been up and down with no clear indications yet as to what sort of a trajectory it might follow in the short to medium term.<\/span><\/p>\n While several analysts have gone on record to claim that we might have entered a short-lived bear market, crypto analyst PlanB on June 20 made a staggering claim saying BTC could hit a whopping $450,000 by the end of 2021. The trader predicted on Twitter much to the delight of Crypto Twitter.<\/span><\/p>\n The creator of the famous stock-to-flow bitcoin price forecasting model, PlanB has not shied away from holding a contrasting take vis-a-vis the current crypto market sentiment. Notably, bitcoin has been on a prolonged downward trend since the May crash while the macro-economic narrative hasn\u2019t changed much.<\/span><\/p>\n PlanB attributed the current bitcoin price action to \u201cElon Musk\u2019s energy FUD and China\u2019s mining crackdown.\u201d<\/span><\/p>\n The analyst added:<\/span><\/p>\n \u201cThere is also a more fundamental reason that we see weakness in June, and possibly July. My worst-case scenario for 2021 (price\/on-chain based): Aug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135K.\u201d<\/strong><\/p>\n<\/blockquote>\n PlanB\u2019s prediction comes at a time when market analysts are heavily bearish, with the likes of Josh Rager claiming that $64.5 might very well have been this cycle\u2019s top.<\/span><\/p>\n However, PlanB has repeatedly refuted such claims.<\/span><\/p>\n Elon Musk\u2019s Tesla recently\u00a0<\/span>announced<\/span>\u00a0it was discontinuing its service that enabled individuals to purchase electric vehicles with bitcoin on account of the high energy-intensive nature of the orange coin.<\/span><\/p>\n However, since then, many initiatives have come to light that seek to make bitcoin mining a more eco-friendly and sustainable process.<\/span><\/p>\n As\u00a0<\/span>reported<\/span>\u00a0by\u00a0<\/span>BTCManager<\/span><\/em>, Montana-based Madison River Equity LLC is installing a 1,600 acre, 300-megawatt solar facility to transform the city into a global bitcoin mining hub.<\/span><\/p>\n At press time, bitcoin trades at $35,732, as\u00a0<\/span>seen<\/span>\u00a0on CoinGecko.<\/span><\/p>\n<\/span>Bitcoin (BTC) Could Reach $450,000 by Year-End<\/strong><\/span><\/h2>\n
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<\/span>Focus on Making Mining Greener<\/strong><\/span><\/h2>\n
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