BTC price exceeds ‘worst case scenario’ by $ 47,000 as Bitcoin’s cap hits record high

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Bitcoin (BTC) at $ 47,000 is turning heads but is actually just the “worst case” for one of its most popular analysts.

In an August 13 tweet, PlanB, creator of the stock-to-flow family of Bitcoin pricing models, reiterated that $ 47,000 should be just the start for BTC / USD.

Bitcoin price is no longer in its “worst case scenario”

Following the rout of the May miners from China and the accompanying BTC price collapse, long-established price models based on the stock-to-flow principle were put to the test major of their reliability.

Even PlanB itself has seen times of uncertainty as Bitcoin plummeted to $ 29,000.

At the time, however, he predicted that a comeback as the dust settles on the mining reorganization would propel the market much higher.

The month of August, or more specifically the August close, is expected to be $ 47,000, he said. On a monthly basis, BTC / USD should then continue to rise to reach a “worst case” year-end price of $ 135,000.

Despite strong criticism, PlanB’s forecast came true this week as Bitcoin surpassed $ 47,000 after spending several days trying to dislodge a giant resistance barrier at exactly this level.

August> $ 47K https://t.co/tj6SSwSzKR

PlanB (@ 100trillionUSD) Aug 13, 2021 Achieved cap joins hyper-bullish Bitcoin metrics

In a potentially interesting twist, the coming weeks could even see a modest reversal closer to $ 40,000, according to the same prediction. So far, bears have struggled to keep the market low for a long time, with analysts pointing to several factors all favoring a rise rather than a correction.

Related: Price Analysis 8/13: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, SOL, LTC

“The price of bitcoin AND the 200-week moving average AND the cap achieved .. ALL up,” added PlanB.

The Achieved Cap, a method of evaluating Bitcoin’s market capitalization based on the price each coin last moved, hit all-time highs with Friday’s move higher. It now stands at over $ 378 billion.

“Translation: the capital stored in the Bitcoin network has just broken an all-time high,” statistician Willy Woo replied on Twitter.

“The network has more money today at $ 47,000 than it had at $ 64,000 in April. Realized Cap estimates this by adding up the price paid for each coin in BTC’s outstanding supply. “Bitcoin hit the cap against the BTC / USD chart. Source: Glassnode / Twitter

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