Bitcoin [BTC] Is Not Falling Below $8K Again, Says Prominent Analyst

By John Kiguru
Published February 11, 2020 Updated February 11, 2020
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Bitcoin [BTC] Is Not Falling Below $8K Again, Says Prominent Analyst

By John Kiguru
Published February 11, 2020 Updated February 11, 2020

Analyst PlanB has updated his 2020 BTC prediction. In his latest, he affirms that Bitcoin will not fall below the recent lows of $8,000. He has further predicted where he expects Bitcoin to go with the upcoming halving. His prediction comes just a day after Bitcoin reached $10,000.

Bull Run To $100K Starts After The Halving

Analyst PlanB is famous for coming up with the stock-to-flow chart which helps measure where Bitcoin is headed with respect to its supply and halving. In amidst all the analysis, the popular analyst has shared his two cents.

Through a Tweet, PlanB has affirmed that Bitcoin is unlikely to fall below $8,200. This will come as good news to panicking investors who have been worried that Bitcoin’s rejection at $10K means bear season. He has further confirmed that going into the reward halving, Bitcoin will be trading above $10K. So, below $10K, is, by all means, a chance to buy and consolidate for the bulls.

His 2021 prediction of Bitcoin at $100K is one shared by another popular analyst Anthony Pompliano. Pompliano has also been a believer that Bitcoin will reach $100K by 2021. In fact, according to a recent Tweet, this bull rally that begins with the halving will end with Bitcoin reaching this high.

Shortly after Bitcoin reached $10K on Sunday he commented:

“Bitcoin just hit $10,000. I still think that Bitcoin will hit $100,000 by the end of December 2021.

Fixed supply. Increasing demand. Time will tell.”

BTC Bulls Look To Reach 2019 High

After dropping from the highs of $10K to settle just above $9,800, Bitcoin has spent much of Monday trading sideways. The bulls seem to still have a hold of the market with fundamentals, starting with daily trading volume at over $35B, still looking strong.

Needless to say, the coming reward halving is still a key trigger although some analysts are expecting a price capitulation before it takes place. This has many expecting Bitcoin to test the $6K levels.

As Bitcoin continues to trade below $10K, the bulls will be taking full advantage and reaccumulating. Their next key target will be $11K before finally trying to top 2019’s high of $14K.


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Kiguru
67 Articles
John is an outstanding writer with a great love for cryptocurrency and its underlining technology. Kiguru is an astute believer in cryptocurrency and blockchain technology and looks up to exploring digital innovation. Follow him on Twitter @Shawn254Guru

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