“Life moves pretty fast. If you don’t stop and look around once in a while, you could miss it.” – Or you could just catch up with Bitcoinist’s new Sunday Digest. Where we bring together the important, interesting, or downright weird news from the past week in the world of cryptocurrency.
Bitcoin Price Breaks Through $4000
As reported on Wednesday, a new model for BTC price prediction estimates the value of $55,000 after next year’s reward halving. The model factors in the increasing scarcity, noting that stock-to-flow (SF) ratio has historically affected price directly. Following the halving, the predicted market cap for bitcoin is $1 trillion, translating to the $55,000 valuation.
On Friday, the bitcoin price surged through a key resistance point to hit a 3-month high. Although Bitcoin struggled to hold onto support around the $4000 mark earlier in the week, Friday’s push means a feared slide now seems less likely to happen. Altcoin markets also appeared slightly buoyed by the upwards momentum.