Bitcoin is experiencing an unprecedented phenomenon: the price has been stuck in the $60,000 to $70,000 range for eight months without breaking out. This has never happened in any previous bull market cycle.
So what is the cause?
According to PlanB - an analyst famous for the Stock-to-Flow model, the main reason is the uncertainty from the US election in November. đșđž
Large investors (âwhalesâ) are sitting on the sidelines, waiting for the election results before they invest. đł This creates a âbarrierâ in the market, preventing Bitcoin price from breaking the current limit.
PlanB's prediction on Bitcoin:
October: Bitcoin crosses $70,000 mark.
November: If Trump wins, price hits new high.
December: ETF Inflows Could Push Price to $150,000. đ
The good news is that we only have a month left to see if this becomes a reality! đ
What do you think about PlanB's prediction? Will Bitcoin really hit $150,000 by the end of this year?