On a Twitter user’s concern of the model’s recent failure, PlanB replied:
“It does not concern me yet, but it certainly leads to the question: do we need to refit the model to this new lower data, or do we have to be patient and finish this cycle first because prices can be higher in the 2nd half of the cycle (bringing the average back to $100K)”
Can Bitcoin Actually Hit $100K Though?
If we simply consider the price action behavior, there would be some chance. But in order to do that, Bitcoin will have to make a 125.92% rise within the next 10 months.
Bitcoin needs to rally by 125.92% in order to reach $100k – Source: FXEMPIRE
In BTC’s history of year-end bull runs, there have only been two instances when such a rally took place. First in 2018, then in 2020.
Thus giving it an entire year’s time makes it seem possible for the king coin to reach $100k by 2023.
However, not factoring in the external developments would be irresponsible since a lot of countries are not in favour of cryptocurrencies right now.
And while most haven’t outright placed a ban, they are looking into transitioning their citizens towards CBDCs in order to maintain control over the digital transactions.
These occurrences could hamper the possibility of “BTC to $100k” happening. How severely? That is yet to be found out.
Holding a Mass Media Degree has enabled me to better understand the nitty-gritty of being a journalist and writing about cryptocurrencies’ news and price movements, effects of market developments, and the butterfly effect of individual assets nurtured me into a better investor as well.