Bitcoin has drawn the attention of many being the benchmark cryptocurrency. Most importantly, Bitcoin’s dominance over altcoins often plays a pivotal role in determining the latter’s prices. Given its role, many analysts try to determine the asset’s movement, whether to the upside or downside, to make informed decisions on crypto purchases. In the latest development, a Twitter analyst PlanB aka @100TrillionUSD has predicted the price of Bitcoin throughout the rest of the year.
The self-acclaimed crypto analyst posted a tweet on October 1, alongside a video that showed a sniper aiming with his gun, depicting targets that Bitcoin is likely to hit before the year ends. In his short and metaphorical tweet, PlanB correctly predicted the prices Bitcoin in August and September, noting both targets have been hit. Bitcoin performed well in August, rounding off the month at a high of $47k after several weeks of extreme price volatility between May and July.
Bitcoin Ends September with Poor Performance, Begins October on a Bullish Note
However, things turned worse in September after a good start that saw Bitcoin reach a high of $53,000. At the time, Bitcoin proponents expected the digital asset to continue its run to the upside. Their hopes were dashed when the asset lost most of its gains and declined to a low of $40k in mid-September. The analyst indicated that Bitcoin closed last month with a high of $43k.
Following the asset’s poor performance, market observers expected things to get better. With the latest developments, it seems that their expectations are being met. Bitcoin began the current month on a good note, leaving the $43k price it printed last month to a high of $48k on October 1st. Consequently, the benchmark cryptocurrency has continued to print new gains, even crossing the $50k region to almost $52k on October 6.
Analyst Predicts $63K, $93k and $135k Highs for Bitcoin, Suffers Backlash from Twitter Users
Counting on its most recent performance, PlanB has predicted that Bitcoin will end the month with a high of $63k. While market observers know better not to bank on the price of cryptocurrencies owing to their volatility, the Twitter analyst seems to be sure about his prediction. Besides, there are reports in some quarters that Bitcoin charts are showing telltale signs of a bearish movement. Yet, Bitcoin has disregarded these reports given its recent uptrend. Perhaps the events of last month will see a repeat.
For the remaining two months, @100TrillionUSD has predicted targets of $98k and $135k, respectively, meaning that both November and December will be bullish for Bitcoin. The last target resonates with most predictions that by the end of the year, Bitcoin will be trading above $100k.
PlanB did not post any charts or analysis to back his claims. As such, it may be just mere speculation, however he does have over 1 million followers on Twitter and is well respected in the Crypto world.
Due to his predictions, the analyst received a bit of backlash from other Twitter users who believe he may be misleading people to invest in the market banking on his predictions.