PlanB, creator of the Bitcoin stock-to-flow (S2F) mannequin, says the Bitcoin worth is unlikely to dip under $8,200 even because the top-ranked cryptocurrency has dropped 13% during the last one week.
Bitcoin Value Will Maintain Above 200 WMA
As beforehand reported by Bitcoinist, the Bitcoin worth has fallen under the $9,000 mark. Taking to Twitter on Wednesday (February 26, 2020), PlanB recognized $8,200 because the seemingly backside for the present downward slide.
PlanB’s tweet reads:
$8.2k backside nonetheless stands. It could actually be unprecedented if it breaks, by no means occurred earlier than. Word it has nothing to do with s2f.
$8.2k backside nonetheless stands. It could actually be unprecedented if it breaks, by no means occurred earlier than. Word it has nothing to do with s2f.
— PlanB (@100trillionUSD) February 26, 2020
So far, PlanB’s S2F has been essentially the most traditionally correct Bitcoin worth prediction mannequin with a forecast of $100,000 per BTC earlier than the top of 2021.
PlanB’s newest tweet is a reiteration of predictions provided earlier in February, stating that the Bitcoin worth would keep above $8,200 and that the submit halving BTC worth will likely be above $10,000.
Over the past three days, Bitcoin has misplaced over $1,000 and is down near 18% since been unable to beat resistance on the $10,600 worth degree. Regardless of the present slide, the Bitcoin worth continues to be up by greater than 20% because the begin of the 12 months.
Crypto Market Rout Continues
Other than Bitcoin, the altcoin market can be seeing crimson, inflicting the full cryptocurrency market capitalization to shed over $25 billion within the final 24 hours. Regardless of surging previous $300 billion solely a fortnight in the past, the full crypto market cap stands at $248 billion as at press time.
Ethereum (ETH), the second-ranked crypto which has been gaining steadily in 2020, has seen its progress halted, dropping 10% within the final 24-hour buying and selling session. Bitcoin SV, EOS, and Litecoin have considerably steeper declines approaching 15% throughout the similar buying and selling interval.
A continuation of the present development may see 2020 altcoin positive aspects worn out, dampening enthusiasm for any altseason revival as was the case in 2019.
The present worth decline isn’t solely restricted to the crypto market as U.S. shares have taken a dive in the previous couple of days, with funding pundits forecasting a possible 25% drop.
Will the Bitcoin worth slide under $8,200? Tell us within the feedback under.
Pictures through Twitter @100trillionUSD, Tradingview.
