The rally has reinforced price predictions made by several leading crypto analysts during the summer, when the market was experiencing a major downturn. ( ) One of the most accurate forecasts to date comes from the pseudonymous Dutch analyst PlanB, whose June prediction for the price of bitcoin in August and September proved to be off by less than a third of a per cent.
The world’s most valuable cryptocurrency hit a new five-month high this week, reaching above $58,000 to close in on its record all-time high of $64,000. The market has been boosted by a resurgent bitcoin, which has risen by more than a third since the start of October.
Ethereum (ether), Binance Coin, Cardano (ada) and Ripple (XRP) have all experienced considerable gains over the last 24 hours, rising by between 4-6 per cent. Follow The Independent’s live coverage of the crypto market
However, the recent roll out of the Bitcoin Law in El Salvador, combined with massive institutional investment, made him hopeful that bitcoin was preparing for the “next leg up” of its bull run. Other analysts have drawn comparisons with the record-breaking rally that bitcoin experienced in 2013, which saw its price rise from below $100 to above $1,000 in the space of just a few months. Speaking to The Independent last month, PlanB warned that his forecasts could be “destroyed by a black swan even”, such as further bitcoin bans or a major geopolitical incident.
Such predictions are prone to being derailed by both positive and negative news within the crypto industry, with the recent bitcoin crash prompted by a major crackdown in China on crypto mining. The same price prediction model puts bitcoin on track to hit new record highs before the end of 2021.
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