Crypto analyst and Power Law advocate PlanC predicts Bitcoin could reach between $150,000 and $300,000 within the next 10 to 18 months. He believes that once Bitcoin surpasses $80,000, the likelihood of it dropping below $60,000 again becomes minimal.
PlanC notes that the recent eight-month consolidation period has established a strong foundation for Bitcoin’s next upward movement. He stated,
“We’ve spent more time in the $60k to $70k range than the $50k to $60k range, laying a solid foundation for the next move higher.”
He argues that extreme corrections of over 80%, seen in previous cycles, are unlikely to recur. Instead, he anticipates future corrections to be in the range of 60% to 70% at most. “Do you really think Bitcoin would hit $200k and then drop back to $40k, breaking through eight months of solid consolidation support?” he questioned.
Using a quantile-based model, PlanC provided potential peak price ranges for Bitcoin:
- 90% Quantile: $144,145
- 95% Quantile: $176,061
- 99% Quantile: $202,340
- 99.9% Quantile: $236,956
He emphasizes that these values update daily and can help determine the probability of reaching specific prices at particular times in the future. PlanC is also working on a more detailed version of this model, incorporating shorter time intervals and more data points.
As of Oct. 29, Bitcoin is trading at $71,200 after an overnight surge of 5%.
Liam ‘Akiba’ Wright
Also known as “Akiba,” Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
Source: https://cryptoslate.com/insights/power-law-analyst-predicts-bitcoin-could-soar-to-300000-within-18-months/