Bitcoin (BTC) must cost at least $ 39,000, says a new tool that combines two of its strongest indicators.
In one tweet On Thursday, analyst William Clemente presented an illiquid supply floor chart – and his results are certainly bullish for BTC.
The minimum price of Bitcoin goes up and up
Given the dwindling foreign exchange reserves and the announcement of large company purchases in the coming weeks, analysts are all confident that the price of BTC will rise.
As Cointelegraph reported, long-term owners now have more supply than ever since October 2020.
Now illiquid supply data has been combined with the popular and highly accurate Bitcoin pricing model to create a new minimum price for BTC / USD.
As Clemente put it, it is “a price floor based on the real-time scarcity of Bitcoin”.
A screenshot of the new chart shows the lower bound of BTC / USD starting this week at USD 39,000 – a level in line with current technical predictions for where the pair will rise in the event of a reversal.
Bloomberg rates “significant progress” in 2021
Meanwhile, stock moves have long called for stronger performance from Bitcoin’s spot price, and its creator, PlanB, continues to be sticking to a “worst-case” scenario of $ 135,000 this year.
Related: BTC holds $ 48,000 as Evergrande forms the “Lehman Brothers Moment” for China
He is not alone. His newest researchhas granted Bloomberg Intelligence a new loan of $ 100,000 that will be fulfilled in 2021 for BTC / USD.
“Past Bitcoin trading trends and a decline in the supply of cryptocurrency compared to mainstream acceptance point to potentially significant progress through 2021,” said chief analyst Mike McGlone Words.
McGlone says there are now no fewer than five charts pointing to six magic numbers – a year after Bitcoin first hit a five-digit price and never lost it.