Plan B, the anonymous crypto analyst who is famous for creating the stock-to-flow (S2F) model, doesn't rule the possibility of Bitcoin reaching $10,000 before the end of the year.
He explains that it is a rare situation when the top coin is trading below the S2F model value with only six months left until the next halvening.
As reported by U.Today, the BTC price increased by ten percent on Nov. 25 after tanking to all the way down to $6,500 on the same day. However, the market is still on the fence, another retest of the above-mentioned level is still very likely. The BTC price is trading at $7,205, CoinStats data shows.
Bitcoin hasn't seen the magical $10,000 price tag since Oct. 25 when it skyrocketed 40 percent on the overhyped China news. The price growth turned out to be a flash in the pan, and BTC got trapped into another major sell-off.
Other permabulls are also sure that Bitcoin will not stay below $10,000 for long. Twitter user "hodlonaut," which got famously sued by self-proclaimed Satoshi Craig Wright, believes that four-digit BTC is still "super cheap."
I realize some people get worried.— hodlonaut🌮⚡🔑 (@hodlonaut) November 25, 2019
You need to realize that the sats you stacked above $10k were also super cheap. The current situation is like getting discount on the discounted discount.
It really is.
You're lucky to be able to stack here.
Make the best of it.
In the meantime, Dan Hedl, director of BD at crypto exchange Kraken, compared Bitcoin's current price action to the massacre that happened in 2015, making a case for hodling BTC.
I’ve HODLed Bitcoin through the valley of despair in 2015 when we hit $200. The last week is nothing!— Dan Hedl (@danheld) November 25, 2019
Keep a steady hand through these swings and you will be rewarded for your conviction. https://t.co/Oto7IAijza