BTC rate could reach $732,000 Analysts from Twitter have stu | Global CRYPTO News
BTC rate could reach $732,000
Analysts from Twitter have studied the possibility of the price of the cryptocurrency Bitcoin (BTC) moving strongly upward. They noted that, according to the model, which helped predict the peak value above $60,000, the next peak in quotations will be around $732,000 for the digital coin.
The researchers tried to understand how realistic this estimate is. They studied a model for predicting future BTC Stock-to-Flow (S2F) prices from researcher Plan B. His market analytics methods have been repeatedly criticized and found to be ineffective. However, another expert, Greg Cipolaro, attempted to modify the S2F model and obtained much more accurate results.
Bitcoin reached $65,000 in April 2021 and then $68,000 in November 2021, while the specialist predicted it to reach $60,000 and slightly higher. His analytical model is based on price targets for the supply reduction after the Bitcoin halving. However, many argued: the Chipolaro mechanism turned out to be true by pure chance and this is just a coincidence that will not happen for the 2nd time in a row.
The $732,000 mark is about 1,800% higher than current levels. From the Black Thursday low of $3,800 to the 2021 high of $69,000, a difference of approximately 1,600% was recorded. Therefore, achieving such a high level at the next price peak seems unrealistic for now. This is especially noteworthy given the fact that Bitcoin is already trading at more than double its local 2022 lows.
According to data as of the evening of November 18, 2023, the rate of the digital coin BTC reached $36,685. The total capitalization was $717.09 billion. Daily trading volumes were $15.41 billion.
