Is Bitcoin’s Next Stop at $25,000?

Sahana Kiran
Source – Unsplash

A plethora of predictions around Bitcoin’s [BTC] next price movement has been surfacing. While some believe that the asset is on its way to a higher price level, a few others have been sticking to the “bull trap” theory. Amidst this, the creator of the Stock to Flow model who goes by the pseudonym PlanB shared a forecast highlighting BTC’s next stop.

At press time, the world’s largest cryptocurrency was trading for $22,918 with a 0.32% daily surge. According to the analyst, Bitcoin managed to move past the $20K zone which is considered its realized price. Unlike a cryptocurrency’s actual price, the realized price is measured by taking into account the average price of all the BTC that were bought which is further divided by the number of BTC in circulation.

PlanB further believes that Bitcoin could hit $25,000 sooner than expected. The 200-week moving average was slowly steering over the realized price of Bitcoin.

With all these optimistic predictions on one side, gold bug Peter Schiff succumbed to immense backlash.

Here’s how much Bitcoin has surged after Peter Schiff asked investors to sell their holdings

Back in the second week of January when Bitcoin slowly started to veer toward $19K, Schiff urged holders to sell their BTC. He suggested that the asset was bound to plummet. However, Peter McCormack, the host of What Bitcoin Did, pointed out that BTC is currently up by 27% since Schiff’s tweet.

Furthermore, Schiff did not shy away from responding to McCormack’s latest tweet. The gold bug tweeted,

“Sure, but I also advised people to sell their Bitcoin when it was well over $60K. Yes, those who sell now will be better off than those who sold following that particular tweet, but those who let this selling opportunity slip by won’t. I’m sure you will be amount the latter.”