Bitcoin hit new highs Monday as investors flocked to the asset class due to rising interest in cryptocurrencies and concerns about inflation.
Bitcoin’s price soared beyond $65k yesterday, settling slightly below the previous all-time high of October 20, 2021.
The principal cryptocurrency just took off, and as of writing, the BTC price has risen above $67.8K, according to the Bitstamp platform. BTC has now retraced back and I’d trading at $67,722 stil up by 3.3% in the last 24 hours.
This comes just days after the total cryptocurrency market cap surpassed $3 trillion for the first time, with Bitcoin accounting for 43.6 percent of that total.
Big targets for BTC ahead!
PlanB, a quantitative analyst, has updated his Bitcoin (BTC) price estimate for the first quarter of 2022, revealing when he believes the cryptocurrency would experience a parabolic spike, outperforming all other assets.
In an interview with Bitcoin bull Anthony Pompliano, the well-known crypto analyst claims that, based on his numerous models, Bitcoin might rise by as much as 700 percent by early next year.
He believes the top is at least a couple of months away, perhaps six months. So that brings us to the end of Q1.
“I guess we will be above $100,000, above $135,000 at the end of the year, and then we’ll continue to grow maybe towards to stock-to-flow X (S2FX) model target [at] $288,000 or even above.
I would not be surprised even to see in Q1 in Q2 next year prices of $300,000, $400,000 [or] $500,000.”
To arrive at a valuation for BTC, PlanB’s stock-to-flow cross-asset model (S2FX) examines Bitcoin’s phase transitions from proof of concept to financial asset.
In the long run, PlanB believes Bitcoin will see a parabolic increase between 2024 and 2032.