Bitcoin

Industry Proponent Talks About BTC At $500k! This Is What The Majority Of Investors Believe!

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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May 23, 2022

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The folks from the crypto street are now optimistic about greener gains. As the industry is now recovering at an acceptable rate. Successively, the market capitalization of the business is now hovering around the $1.28 Trillion mark. With the business now showing signs of recovery to normalcy, marketers are now keen on the price projections of the star crypto Bitcoin (BTC). 

At the time of press, BTC price is changing hands at $30,421.30, with negligible gains of 0.7% over the day. Amidst the heated discussions in the community, a prominent proponent sparks question to his avid crypto followers. About where could Bitcoin chug up in the next five years? 

Will BTC Price Hold Below The $500K Mark?

 The creator of the S2F model – “PlanB”, in a recent poll questioned his followers. About where they think BTC price could reach in the next five years. With more than 134k votes to the poll, a majority of the voters, i.e “81%” of the voters believed that the price of Bitcoin will remain under $500,000 in the next five years. 

While the rest of the voters opined that Bitcoin could brush the $500k mark but would remain below the $1 Million mark. Howbeit, the proponent’s S2F model would escalate above the $500,000 milestone after the halving event of 2024. The protagonist cites that, the results resemble that from the March of 2019. When the crypto was changing hands at $4,000, and breaching $55k was not possible. 

Previously the proponent had brought to the notice that the 2019 $55,000 S2F model fits relatively better than the $100k model. However, post the inclusion of statistics for the past three years, the 2019 model stands relevant. The proponent further added that the $100,000 milestone was too high, but the kingpin still remains in line for the $500k landmark. 

Summing up, while things on the higher timeframe are susceptible to change. The market sentiments and price projections do give a fair idea of the trajectory of the digital asset. That said, the views of the majority of the voters do indicate the calculative and risk factoring qualities of the community. Which is a positive indicator for the long term growth of the industry. 

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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