Bitcoin-related predictions continue these days, and they vary from very optimistic ones to others which suggest that BTC might suffer more corrections shortly.
Now, the Daily Hodl reports that a crypto analyst who is known for applying the stock-to-flow ratio to BTC has revealed a bunch of calls where the price of the most important crypto in the space might be heading.
BTC could hit $10 million one day
The online publication explains that the stock-to-flow is usually used to analyze precious metals and it calculates the current supply of a commodity divided by the amount that’s produced every year in order to predict future value.
When using the ratio in order to find where BTC is heading, the supply of 21 million coins becomes a vital factor, writes the Daily Hodl.
Plan B crypto analyst told his followers that his stock-to-flow projection is now tracking BTC’s price history with 99.5% accuracy and it forecasts that BTC will be hitting $1 million in less than a decade before it will eventually hit $10 million.
“This is becoming scary: Using October instead of December data, stock-to-flow model fit improves to 99.5% R2!” he said as cited by the Daily Hodl.
“Model error was mainly caused by November 2013 and December 2017 all-time highs, so sampling without the ATH gives less noise. Predicted Bitcoin prices increase: $100K (2020+), $1M (2024+), $10M (2028+).”
At the moment of writing the article, BTC is trading in the green on CMC and the most important coin in the market is priced at $10,801.33.
BTC might continue to drop
Another prominent crypto analyst, Nicholas Merten (aka DataDash) says he also believes BTC will continue to move lower in the next day or two but doesn’t agree with analysts calling for a short-term drop to as low as $7,000.
“I do believe we’re going to have another day or two of correction. Breaching this support level [at $10,800] is pretty significant. I think we could easily come down to test previous support [at $9,700], not to mention $9,000 would be a good target because it was acting as resistance in May…” he said.