Over the past few weeks, since Bitcoin hit its all-time high, it has not had significant growth and has even lost some parts of its value as it continues declining. While others predict Bitcoin returning to a hazardous low, others, like crypto analyst PlanB, believe that Bitcoin would still see higher surges. The crypto space quietly anticipates the digital asset’s next move, especially since it refused to react to the attractive market.
Selling pressure has decreased significantly, as buyers keep their investments to benefit from more prominent price growths. Things have been very slow for the industry, and not much has happened since Bitcoin attained its peak some weeks ago, but hope is not lost for the growing asset, according to PlanB.
Plan B believes that Bitcoin would rise
The crypto analyst is a known personality on Twitter and has predicted Bitcoin’s possible movements many times before. His belief is not surprising as many investors anticipate the crypto’s next move up the charts. He believes that Bitcoin still has a lot of room for growth, which means that its value would still surge higher than the media anticipated.
Bitcoin’s existence has been with many doubts and speculation, but as mainstream firms take the risk to join the crypto space, more investors are willing to take the risk and retain their holdings rather than sell it when things go south.
On Friday, The analyst explained through his Twitter handle that he believes that the industry is only four months into the bull market and that it’s unlikely to end soon. According to him, Bitcoin’s value is just the starting point, and he explained this through his Stock-to-flow charts.
Many analysts have been using Bitcoin’s stock-to-flow chart to determine the asset’s future and its possible move. Another crypto enthusiast, Tone Vays, believes that Bitcoin would still see significant growth, but a possible decline along the line is possible. According to Vays, while he knows that Bitcoin is consolidating, he believes it would go bullish and see significant growth.
Bitcoin’s price fall’s effect
Even with the bullish outlook, he knows that Bitcoin could see drastic falls, which is very common for digital assets when starting a bull run. He added that Bitcoin could fall as low as $48,000 but would go as high as $70,000 within the next few months.
Bitcoin’s price drop took most investors by shock as people anticipated the crypto attaining the $65,000 level before a correction. The asset declined immediately; it reached $61,000 and declined till the support held it around the mid $50,000 range. The asset had a mix of falls and recoveries before have more falls as it lost a significant part of its value during the decline.
Surprisingly, altcoins are performing impressively even as the benchmark coin sees some price reversal that might be in the long-term. Crypto investors understand that the industry can be unpredictable, and there is no right answer to when Bitcoin would achieve another high. It’s safe to note that many new investors are joining the industry and are expanding the market.