- Analysts and traders have long been waiting for BTC to “moon” once again
- The $14k mark might be the key to send BTC back to the moon
- The forthcoming halving could send BTC price to between $55k to $100k
Bitcoin News Today – Ever since the price of Bitcoin surged by more than 1,000 percent in 2017 to hit an all-time high of $20k, analysts have been waiting for the digital currency to “moon” once again. It seems like the moon – a noun-turned-verb used to describe the price of an asset surging significantly higher – is rapidly drawing near, that is if Bitcoin can break over one key hurdle point.
Bitcoin Needs to Break Over a Key Hurdle to Head to the Moon
While the largest digital currency in the world by market cap surged as high as $20k in 2017, it did not stay on that level for long. The digital currency failed to establish any semblance of support in that area. In fact, it ended the month of December around the $14k level, a decrease of 30 percent from its all-time high as the bulls failed to maintain momentum.
Recently, Delboy – a chartist – doubled down on this in a recent tweet. In the tweet, he said that the long-term chart of Bitcoin is showing signs that the $14k level might be key in sending the price of the digital currency back to the moon.
Bitcoin (BTC) Price Today – BTC / USD
— Delboy (@sp184eib) February 21, 2020
From the chart, it is obvious that once Bitcoin (BTC) surged over the monthly high of the 2013 bubble around the $1,150 mark, the bullish traction picked up quickly, taking the price of the digital currency to $20k by the end of 2017.
How High Can the Price of Bitcoin Go?
While the jury is still out on where exactly the next bull market can take the price of Bitcoin to, the consensus is a fresh all-time high of at least $50k, proven by a crazy accurate price model made by an institutional quantitative analyst. The model, which is known as a stock-to-flow model, equates to the scarcity of Bitcoin, derived from the above-ground supply divided by the rolling issuance of the digital currency, to the market cap of the asset.
It determined, to a 95 percent R squared, that after the reduction of block rewards on the Bitcoin network in May this year, the digital currency will have a fair value of anywhere between $55k to $100k. A Twitter user – GeertJancap – pointed out that according to his transfer function model of BTC’s price, the price of the digital currency will catch up to the model, created by PlanB – a pseudonymous analyst.
At press time, the world’s most dominant digital currency is struggling below the $10k level after several failed attempts to break over the $10,500 mark. Bitcoin is currently hovering around the $9,600 mark.