On-Chain Data Suggests $100k Bitcoin Price Imminent By EOY

Bitcoin has been trapped around the current market price for the past month despite hitting an all-time high of more than $60k. However, all fundamentals aspects point towards an imminent breakout. Whereby on-chain data from Glassnode indicates there is more upward fuel than ever recorded before.

Further, a Stock-to-Flow (S2F) model analysis from a popular crypto trader, Plan B, indicates the asset will hit $100k by the end of 2021. From another point of view by an updated version of the S2F model, Bitcoin price could hit $288k by the end of the year.

Bitcoin price has been ensnared in a correction phase that has caught up with short-term investors’ patience. Besides, the increased volatility has triggered liquidation from most traders who have lost billions in the process.

To put the matter in a better perspective, Bitcoin price recently declined by over $10k in less than a day. On February 22, the Bitcoin price dropped from trading above $58k to below $47k.

Flash sell-offs have been observed every other time that Bitcoin pumps hard within a short period, especially during bull rallies. To be on the safe side and realize better profits with the ongoing bull market, traders are advised just to hold their Bitcoins in a safe wallet.

Although the profits realized through this method are less in comparison to active trading, investors are assured of returns in the long term. There are many crypto wallets out there that support most of the digital assets in the market.

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