The crypto market continued yesterday’s bullish trade as the market is green today. Currently, the global crypto market cap stands at $2.30 trillion, a surge of 2.18%.
Bitcoin is hovering around $49K trying to hit $50K. ETH trades above $4K consistently and all other alts on the chart too are making gains.
With attention now focused on the new year and higher price points, Bitcoin has continued higher, aiming up to $50,000.
At the time of writing, BTC is trading at $49186. It has traded in the range of $48,566 to $49,876 in the last 24 hours. The most obvious and prominent resistance is at $50K.
Popular crypto analyst Micheal Van De Poppe has said that the bull run will be confirmed once Bitcoin breaks through $50.5K to $51.5K. In addition he also expects for 2022 to be an excellent year overall.
BTC Poised for a Crash Next Year?
Despite assurances to the contrary from various experts, quantitative analyst PlanB believes Bitcoin will undergo a severe bear market.
PlanB identifies a few clues in a new interview on the business and investment YouTube channel FamilyOffice, indicating that Bitcoin will eventually enter bear territory.
He says even though many people believe BTC has reached the end of the four-year cycle, and that we won’t see the same level of volatility or deep bear markets in the future.Those bear markets, he believes, will occur.
The analyst explains that it can be seen in the prices of the options. It’s priced with a 100 percent risk factor. When China stopped mining a few months ago, it’s value plummeted by 50% or more. So we were almost there. A 50 percent drop right there.
“…..So that tells me that 80% [correction] when something really big happens is not out of the question yet.”
PlanB believes the next crash will occur after Bitcoin meets the price targets indicated by his stock-to-flow (S2F) and stock-to-flow cross-asset (S2FX) models.
“I think we will have to go up quite a bit, at least to make the stock-to-flow model values of $100,000 and $288,000. But after that, we’ll go down 80% again”
He opined that’s probably part of the bargain, and it’s also part of the investor’s greed and anxiety. People aren’t going to change.