PlanB names the level at which it can fall…

PlanB names the level at which it can fall… post thumbnail image

Market participants also shared their predictions for BTC.

The most capitalized cryptocurrency – bitcoin – started on Monday with a decline. As of 8:41 a.m. (Moscow time), the digital asset was trading at $48,982. The minimum value of the cryptocurrency in 24 hours, according to the CoinMarketCap resource, is set at $48,667, the maximum at $50,724.

bitcoin chart. Source: TradingView

Anthony Pompliano, co-founder of Morgan Creek Digital, noted that cryptocurrencies rose over the weekend amid rising inflation in traditional financial markets. In his post, a member of the crypto community emphasized that bitcoin has become an alternative to traditional savings assets, which are somehow subject to the actions of the authorities.

Against the backdrop of the decline in the bitcoin rate earlier in the week, members of the crypto community shared their predictions for BTC. Popular analyst PlanB believes that the cryptocurrency has yet to realize the growth potential it holds in 2020. He asks investors to be patient.

The growth potential of bitcoin is demonstrated by the S2F forecast model developed by PlanB. It takes into account the effect of halving on BTC and the peculiarities of gradual movement in the value of the cryptocurrency.

Despite his belief in bitcoin’s growth potential, PlanB also shared with readers of the microblog his assumptions about the consequences of the digital asset’s transition to a “bear” phase (a prolonged period of market decline after highs have updated), also known as the “crypto winter”.

Analysts draw attention to the fact that if BTC fails to update the maximum, which is set on November 10, 2021 at $69K, investors will have to wait for the cryptocurrency to drop to $14K. the fact that bear markets usually end after the bitcoin rate falls by 80%.

The prospect of further growth in the bitcoin rate is also seen by an analyst microblogging under the Altcoin Gordon nickname. He believes that the digital asset market will continue to grow in 2022. According to analysts, next year BTC will be able to approach the $100K level.

Meanwhile, the bitcoin investment fear and greed index is in the red. The position of this indicator shows that currently most investors do not see the potential to invest in cryptocurrencies.

Also, members of the crypto community drew attention to the fact that today marks 11 years since the disappearance of bitcoin creator Satoshi Nakamoto from the network. We will remind you, it is still unknown who is actually hiding behind a pseudonym.

More forecasts for bitcoin are in our material.

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