Fidelity analysts confirm bitcoin will rise in price to $ 1,000,000

CONTENT

Researchers agree on S2F forecasting model
Halvings will support the positive movement of bitcoin
According to the S2F forecasting model, the BTC rate is in the beginning of the growth phase

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Wednesday began for the digital asset market with another wave of price declines. On the night of August 25-26, Bitcoin (BTC) dropped to $ 11,250-11,300. As of this writing, the coin is trading at $ 11,475 (according to CoinMarketCap). Other cryptocurrencies from the top ten of the capitalization rating are also showing negative dynamics. Litecoin and Bitcoin SV were hit hardest in 24 hours. The drop in the value of coins in 24 hours exceeded 4%.

Data: CoinMarketCap

Against the background of a decline in the value of bitcoin, the hash rate of the cryptocurrency continues to move sideways. The indicator recorded an absolute maximum on July 25.

BTC hashrate. Data: bitinfocharts.com

The decline in bitcoin’s value has sparked a new wave of comments about where the price will go next. Analysts of a large American investment company Fidelity Investments shared their opinion.

“We started to wake up,” said Changpeng Zhao, CEO of the popular digital asset exchange Binance, on new Bitcoin price predictions.

It is noteworthy that Fidelity specialists base their analysis on the S2F model developed by PlanB, a popular analyst in the crypto community..

#Bitcoin path to $ 1 million pic.twitter.com/P8xYtU73Dl

– PlanB (@ 100trillionUSD) May 12, 2019

Recall that the S2F forecasting model allows us to assume the trajectory of the cryptocurrency movement, based on the rate of inflow of new BTC into the market and the number of coins that have already entered circulation. According to this model, Bitcoin halving halving halving the number of new coins created and earned by miners. This happens about every four years and … More should be the main catalyst for BTC’s growth. Block reward last declined in May 2020.

Fidelity analysts confirm bitcoin will rise in price to $ 1,000,000

According to the logic of the S2F forecasting model, by 2024 BTC will be able to approach the $ 1 million level. At the moment, according to PlanB, the cryptocurrency is entering a phase of active growth. This, he believes, is evidenced by the three red dots appearing on the S2F chart. Color indicators help to recognize the stages in the movement of the coin rate, within the forecasting model.

3rd red dot (currently $ 11850) above 2nd red dot (#bitcoin July close $ 11356) and above 1st red dot (June close $ 9132) .. next target: Dec 2017 ATH close $ 14K pic.twitter.com/X9DePlaDTc

– PlanB (@ 100trillionUSD) August 16, 2020

In the course of the research, Fidelity analysts came to the conclusion that the logic of the S2F model can reflect the real prospects for further price dynamics. Agreeing with PlanB, Researchers Accept BTC Growth Forecast To 1Million By 2029.

Read also: Where the bitcoin rate will complete its correction

Recall that BTC recently updated the mining difficulty level. Find out what the members of the crypto community think about it from our material.

HUGE: Fidelity Investments Suggests A $1,000,000 Bitcoin Price As They Start New Fund | Bitcoin News

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