Over 80% of participants in a recent poll answered that they believe bitcoin will be within a six-digit price territory by the end of the year. While only 16% said that BTC would be beneath $100,000, this only attests to the difference several months can make on the general sentiment in the crypto community.
Bitcoin to Above $100K, the Majority Predicted
The popular crypto proponent going by the Twitter handle PlanB, also known in the community as the creator of the stock-to-flow model and its versions, asked his hundreds of thousands of followers about their views on where bitcoin’s price could end the year.
With nearly 50,000 people taking part in the survey, the results are quite overwhelming. The answer $100,000 or more has received the most votes with 40%, followed by $288,000+ (33.2%), and $500,000+ with 10.7%.
Overall, these numbers mean that 83.9% of all participants believe that bitcoin will exceed $100,000 in the following nine months. Naturally, the remaining 16.1% said that BTC will be beneath that coveted spot.
Do you think #bitcoin will reach $500K, $288K (S2FX model) or $100K (S2Fv2 model) before December 2021 .. or will BTC stay below $100K?
— PlanB (@100trillionUSD) March 24, 2021
PlanB based the prediction numbers on the aforementioned stock-to-flow models. The original one, categorizing the stock as the size of existing reserves (or stockpiles) and the flow – the annual supply of bitcoins on the market, envisioned a gradual price increase for BTC to $55,000 per coin by December 2021.
This is actually a number that the primary cryptocurrency was able to achieve long before that timeline. As such, the second version of the model took it up a notch. By reviewing the different phases in which BTC has developed in time, including proof of concept, a payment phase, the e-gold stage, and the financial asset one, he concluded that the cryptocurrency could surge to $288,000 by this December.
How Things Have Changed
While the community seems quite optimistic that BTC would go into uncharted waters above $100,000 now, this wasn’t the case not that long ago.
CryptoPotato reported a similar poll undertaken by PlanB in October 2020. At the time, bitcoin was just initiating its bull run as its price dabbled with the $10,000 price line. Although it could seem like a lifetime ago for BTC investors now, that was just six months back.
The majority in that survey said that BTC would be beneath or at $55,000 by the end of December 2021. This goes to show the somewhat rapidly changing sentiment in the crypto industry as a relatively short period of half a year can turn the tables upside down.