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Elon Musk and China Won't Stop Bitcoin from Hitting $135,000 This Year, Says Famed Crypto Analyst

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Sun, 06/20/2021 - 18:37
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Alex Dovbnya
Bitcoin is still on track to hit $135,000 by December 2021, according to PlanB
Elon Musk and China Won't Stop Bitcoin from Hitting $135,000 This Year, Says Famed Crypto Analyst
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PlanB, the creator of the widely disputed stock-to-flow model, has taken to Twitter to share some Bitcoin price predictions.

The prominent analyst claims that Bitcoin is still on track to hit $135,000 by the end of 2021. And it’s his worst’s cast scenario.    

BTC
Image by twitter.com

However, he believes that the bellwether cryptocurrency may continue trading below its April all-time high of $64,895 up till October.

The pseudonymous Dutch Bitcoin advocate claims that the current drawdown is primarily driven by Elon Musk’s “energy FUD” and China’s ongoing crackdown on the Bitcoin mining industry.

Bitcoin plunged a whopping 14 percent when Tesla suspended payments on May 12.

Musk’s bearish Bitcoin tweeted provoked more selling pressure, which ultimately made Bitcoin correct all the way to a local bottom of $30,000.

Despite strong recovery, the cryptocurrency succumbed to another bearish narrative: China banning crypto mining.           

Even though El Salvador helped the price to recover, Sichuan miners

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Bitcoin Is “Very Dangerous Animal,” Says European Central Bank’s Fabio Panetta

A double top?  

On June 1, Plan B tweeted that Bitcoin’s price action was reminiscent of the 2013 bear market.

His most recent tweet seems to reaffirm the “double top” theory that many bulls pin their hopes on.  

Back in April 2013, Bitcoin peaked at $259 before correcting roughly 75 percent from the peak within three months. In November 2013, Bitcoin went absolutely berserk and exploded to $959 before a multi-year bear market finally arrived.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.