Bitcoin (BTC) has plenty of room to grow in its current bull run and will not stop at $ 100,000, according to analysts, including PlanB. The main cryptocurrency on the market, Bitcoin could be worth $ 288,000 in December of this year, as expressed by the creator of the stock-to-flow model.
In various social media posts on March 17, the creator of the stock-to-flow Bitcoin pricing model joined others in predicting huge new all-time highs for the BTC / USD pair. Among them is the prediction that Bitcoin could be worth $ 288,000 in December 2021.
With Bitcoin trading sideways below its recent high of $ 61,700. Investors are curious where the bull run of 2021 may end.
Depending on the price indicator used, the high could be uncomfortably close or still very far. For stock-to-flow followers, the answer remains firmly the latter: Compared to previous bull cycles, 2021 is just beginning.
«We have only been a 3.5 month bull market for Bitcoin“Summarized PlanB.
«In my opinion, BTC will not stop at 100,000. It will continue to the S2FX median price level of $ 288,000 (the all-time high will be higher)». Thus clearly suggesting that Bitcoin could be worth $ 288,000.
He referenced his cross-asset stock-to-flow models that provide a forecast of the average price of the BTC / USD pair of $ 100,000 and $ 288,000 during the currency’s halving cycle, which will end in 2024.
Ethereum whales refuse to sell their coins as smaller wallets invest in DeFi
The number of addresses holding more than 10,000 ETH has barely changed since the asset hit an all-time high of $ 2,050 on February 20.
In fact, according to Santiment data, the number of wallets with more than 10,000 ETH has decreased by only 0.9% in the last four months. That compares with a 7.2% drop in the number of wallets holding between 100 and 10,000 ETH, according to the analytics provider.
One possible explanation for the divergence is that whale addresses may be owned by entities such as exchanges, large companies, or institutional funds that need to keep the asset on hand or locked for investment purposes.
ETHhub co-founder Anthony Sassano noted that large companies and institutions are increasingly buying and holding ETH in his March 18 newsletter.
Likewise, mid-tier addresses appear to be depositing more ETH into DeFi. Since the amount of the asset blocked in the protocols of the sector has also reached an all-time high.
Bitcoin’s Big Mac Index falls to 10,000 satoshis for the first time in history
The data from the online analytics service, Ecoinometrics, show that on March 17, in the so-called Big Sats Index, a McDonald’s Big Mac in the United States cost less than 10,000 satoshis for the first time.
The Big Sats Index measures how much a Big Mac costs according to The Economist’s famous Big Mac Index. Born in 1986, the latter originally emerged as a tool to measure the strength of different fiat currencies.
The Bitcoin equivalent is a kind of tongue-in-cheek comment on both fiat money and food.
As Saifedean Ammous argues in “The Bitcoin Standard,” both the trillion dollar currency market, and the rise of the nutritionally controversial hamburger, are the result of the abandonment of gold standards and the embrace of money with no limit on supply. . As well as the consequent desire for instant gratification at the cost of long-term prosperity.
However, the numbers speak for themselves. At a price of about $ 60,000, a whole Bitcoin buys no less than 10,402 Big Macs. Whereas, a single hamburger costs a Bitcoiner only 9,614 satoshis.
By comparison, the cross-asset drop of March 2020 briefly brought the cost of a Big Mac to more than 100,000 satoshis. However, the last time the price was 1 million satoshis was in mid-2016.
Messari analyst: ETH2 ‘deflation’ could lead to Ethereum overtaking Bitcoin
Ryan Watkins, a senior research analyst at cryptocurrency analytics firm Messari, has speculated that Ethereum (ETH) could overtake Bitcoin (BTC) as the largest cryptocurrency. Once your upgrade to ETH2 and proof of stake is complete.
In his appearance on the YouTube show FinTech Today on March 18, Watkins indicated that although he does not know if or when Ethereum will overtake Bitcoin. He does believe that Ether could emerge as the top crypto asset in the future, due to ETH2, stating:
«The selling point of Bitcoin over Ethereum as a store of value asset comes down to its very predictable monetary policy. Since the Bitcoin blockchain is very secure. I think that with the switch to ETH2 and proof of stake, Ethereum can potentially be more secure than Bitcoin».
Watkins also emphasized the changing underlying economics of Ethereum. In the midst of the transition to ETH2, highlighting expectations that the upcoming ETH burning mechanism will see Ether being destroyed at a rate higher than new supply creation.