Bitcoin (BTC) started the new week with a bullish momentum. A leading analyst in the industry thinks that the BTC price is performing exactly as predicted.
Renowned analyst PlanB, creator of the stock flow price model, In his post dated March 1 He drew attention to Bitcoin’s February closing. The analyst suggested that BTC closed last month at the level predicted by the stock flow cross-asset model:
“Watch out for the new orange spot: Bitcoin closed February at $ 45,240! (January closing was $ 33,141, current rate $ 46,500) Everything is working perfectly.”
Stock flow cross-asset (S2FX) model. Source: PlanB/Twitter
PlanB said that after Bitcoin closed January at $ 33,141, the stock-flow model “moved to phase 5” and 2021 would be an extraordinary year for Bitcoin. The famous analyst thinks that the BTC price will see $ 85,000 by May, and that it will be at a point between $ 100,000 and $ 288,000 by the end of the year.
The creator of the stock flow model is not alone in his positive predictions regarding Bitcoin. Despite Bitcoin experiencing a correction of more than 20 percent, leading figures in the market continue to look positively towards cryptocurrency.
Tom Lee, co-founder of market research firm Fundstrat, said on February 23 that corrections of up to 40-50 percent are normal and the BTC price is targeting $ 100,000.
Samson Mow, CSO of blockchain technologies provider Blockstream, was also among the names that were not affected by the correction. Saying that Bitcoin will refresh the record very soon, Mow thinks it is very likely that the crypto money will reach $ 100,000 by May.
After rising to $ 58,000 in February, Bitcoin, which corrected and dropped to $ 43,000 over the weekend, started the new week with strength. BTC, which gained 8 percent value in the last 24 hours, is trading over $ 48,000 as of the time of the news broadcast.