Lorenzo Stroe
Independent Analyst
- BTC/USD is trading at $9,220 after getting rejected from $9,470.
- According to the S2F Model, Bitcoin should be hitting $100,000 by the end of 2020 or the beginning of 2021.
Bitcoin has been flat for the past two months trading between $9,000 and $10,000 without a clear direction. Bitcoin has experienced a few fakeouts to the upside and the downside and continues trading sideways. It’s unclear where Bitcoin is headed next, however, according to the famous S2F Model, BTC should be getting closer to $100,000.
How can Bitcoin climb above $100,000 in less than a year?
According to the heavily criticized S2F Model, Bitcoin is set to hit $100,000 and more between the end of 2020 and beyond.
#Bitcoin S2F chart update .. RED DOT #2 pic.twitter.com/L8Fl89yNYx
— PlanB (@100trillionUSD) July 1, 2020
The model has ‘jumps’ every four years approximately, the last one was in 2017. So far, the model has been more or less accurate but it’s hard to tell since the price ranges are really wide. PlanB, the creator of the model also talks about Bitcoin’s difficulty before and after halvings and says he expects it to increase from here.
Bitcoin difficulty before and after 2012, 2016 and 2020 halving. I expect it to keep going up from here, maybe slightly less than the dark blue post 2016 line, at ~2-3X/yr. pic.twitter.com/a6hqxo4zav
— PlanB (@100trillionUSD) July 6, 2020
If the model is right, Bitcoin should hit $288,000 by 2024 at most, however, it could go higher than that just like it did before.
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