The price of bitcoin has risen steadily, reaching $24,700, its highest level in the past six months. The asset swept the market as a whole, appearing unconcerned by a crackdown by American regulators. Over the past day, the market value of all crypto assets has increased by about $100 billion.
The milestone has been breached, and the price of bitcoin has now reached a new high for the year, sending its market worth skyward. Over the past several weeks, demand for cryptocurrency has dramatically increased, with some investors rushing to purchase it and others expecting to do so at a lesser price.
A wave of optimistic mood in the cryptocurrency industry has also contributed to the shift, with many experts anticipating that the price of bitcoin will rise much more in the coming months and weeks.
PlanB, a popular quantitative analyst, has updated his prediction for Bitcoin (BTC) after the cryptocurrency market had a robust bounce to start the year. “Bitcoin can pump from $24k to $42k in 14 days (example Dec 25, 2020 to Jan 8, 2021),” he wrote on Twitter.
Plan B hinted that the cryptocurrency may undergo a significant change in the upcoming weeks. He said that Bitcoin may rise from its present range to above $40,000.
The analyst is well known for his stock-to-flow Bitcoin model, which forecasts asset value changes by contrasting current prices to the pace of supply creation. As BTC fell below $16,000 in late last year, PlanB claimed that the model had failed. The stock-to-flow formula, he claims, has held true and now predicts a startling price explosion to $1 million by the end of 2025.
Prior to the halving event that will reduce supply the following year, he claims that the price of the king cryptocurrency is approaching $32,000. When he claims that Bitcoin’s price might reach seven figures in 2025, he projects that it will surpass the $100,000 mark.
Source: https://coinpedia.org/bitcoin/bitcoin-btc-price-may-hit-42k-levels-in-the-next-2-weeks-heres-why/