An anonymous bitcoin analyst and institutional investor PlanB are feeling bullish about bitcoin, and it is something they all loved to see. A few hours ago, the anonymous analyst took to his twitter account to leave some exciting news for bitcoin investors, a most welcome development since many investors are still in high spirits from the just concluded Bitcoin Miami 2022. What’s the news?
The institutional investor has given an update on how fast bitcoin will hit 100,000 and he seems pretty positive about it. We’ll also have another exciting update from the Luna Foundation Guard, so make sure you watch the video to the very end and hit the like button. Thanks for watching the video.
Let’s begin with PlanB’s tweets. The pseudonymous analyst and institutional investor is a staunch bitcoin bull, known especially for his stock-to-flow model. In his most recent tweet, PlanB predicts that bitcoin realize cap, the average cost price of all 19 million bitcoins, will lead the asset to its next all-time high. He also states that he expects this to happen when the realized cap hits 750 billion dollars. Here is PlanB’s tweet.
“#bitcoin price can go down, but realized cap not so much, thanks to hodler’s efforts. In fact, realized cap (average cost price of all 19M BTC / 80M utxo) is near ATH at $466B. I have no doubt that the realized cap will lead BTC to the next price ATH. I expect $100K BTC at ≈$750B realized cap.”
The current all-time high for bitcoin is $69,000, a milestone the cryptocurrency hit last November. If it tops that, many experts believe the momentum will continue until bitcoin hits the coveted six-figure mark. According to data from Messari, bitcoin’s realized cap hit an ATH of 377 billion dollars in May 2021. Six months later, by mid-November, it had risen to 460 billion dollars, though bitcoin lost roughly half of its value during the November crash. The realized cap has remained nearly the same. As PlanB claims in his tweet, the realized cap is trending closely to the ATH. This may indicate that long-term hodlers are indeed directing the market. If it continues this momentum, we may soon see bitcoin at a hundred thousand dollars. Let us know what you think about PlanB’s tweet in the comments section.
Now let’s move to our second update about the world’s largest cryptocurrency. Luna Foundation Guard has obtained another 4,130 bitcoin for its stable coin dollar decentralized forks reserve. Using bitcoin’s exchange rate on the day of the transactions, Terra spent around $176 million on the purchase, which involved 4 transactions. The transactions occurred on Sunday, April 10. With the latest purchase, Terra now holds 39,897 bitcoins worth approximately $1.7 billion. Terra has also bought about $200 million in avalanche in order to diversify the reserves for its stable coin beyond bitcoin. According to reports, the purchase was shared between TerraForm Labs and Luna Foundation Guard, the two main institutions behind the development of the blockchain platform. Terra now has almost 40,000 bitcoins worth over $1.7 billion. However, the platform’s goal, according to the CEO’s initial announcement, is to acquire around 10 billion dollars’ worth of bitcoin. Terra will continue to strengthen its reserves by buying more bitcoin, and this will be bullish for both Bitcoin and Luna. At the time of writing, bitcoin is trading just above $42,000, down 1,30% in the last 24 hours.
Luna, the Terra blockchain’s native token, is down 6% at $91 as the market continues its most recent correction. However, analysts are certain that we may see an upward momentum for the top cryptocurrency soon.
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