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A widely followed crypto analyst says that a magnet of scarcity could see Bitcoin (BTC) skyrocket up to a colossal price before its bull run is finished.
In a new video update, crypto strategist PlanB tells his 216,000 YouTube subscribers that he doesn’t envision the top crypto asset by market cap dipping below $100,000 due to the rampant printing of money.
“What we are seeing is that the $100,000 barrier, an important psychological barrier, used to be resistance but that turned into support at the moment. I know there’s two out of three people that think that Bitcoin can still drop below 100,000 again. I don’t think it will. Because [the] current rally is not based on paper Bitcoin or some top of a bull market.
It is a proper rally and in fact all other assets are rallying too. So gold is at all-time high levels. Same is true for stocks, real estate, and Bitcoin. So the underlying cause of all those assets to rise of course is the money printing – the debasement of our currency.
The entire reason why Bitcoin was created was as a hatch against that money printing. So as long as governments are printing money and the money supply increases, Bitcoin will go up as well as other assets but Bitcoin will go up faster.”
PlanB goes on to note that due to BTC’s low supply, it could shoot up to a price tag of between $250,000 and $1 million before the end of the year due to BTC’s scarce supply.
“It’s a very rough target, the range is $250,000 to $1 million. If the average of the halving period is somewhere in that range, that would be very nice and I see it as a scarcity magnet.
Bitcoin of course is very scarce. It will pull the value of Bitcoin up in an environment where money is being printed. So it will go up. This is a rough target. I don’t know if we get there. I hope we do.”
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