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Bitcoin To Go Into Hyperdrive After Shattering $100,000, Says Crypto Trader Ben Armstrong

source-logo  dailyhodl.com 28 April 2021 18:44, UTC

Crypto trader and YouTuber Ben Armstrong is predicting that Bitcoin will kick it into hyperdrive after shattering $100,000.

In a new video, Armstrong predicts that the flagship crypto asset will blast through $100,000 by the end of the second quarter, largely driven by the expiry of the quarterly futures contracts.

“I could definitely see Bitcoin hitting $100,000 by the end of June, maybe right before the quarterly futures contract close on June 30th. They will have a dramatic effect on the market just like we saw the quarter one, in March, had a dramatic effect.”

After hitting the $100,000 price level, the YouTuber expects Bitcoin to depreciate by up to 30% before kicking it into high gear weeks later.

“So that would be kind of the glance off at $100,000 and then go back down, maybe all the way down to $75,000 or $70,000, climb back up over July and August. And then in August, that’s where it hits hyperdrive.”

Armstrong posits that Bitcoin’s bull run has a little over four months left to go and will conclude with BTC having appreciated by over 400% based on Plan B’s stock-to-flow (S2F) model. Bitcoin is trading at $54,100 at time of writing.

“I think the end of this bull run is the end of September, so we’ll give it another month to run, and then match the stock-to-flow, you know, somewhere between $290,000, $320,000.”

The crypto influencer has previously predicted that $47,000 was the major bottom and support level for Bitcoin during the price correction that started after it fell from its all-time highs in April. According to Armstrong, the amount of buying power at $47,000 BTC would be enough to prevent any downward breakthrough.

“$47,000 was the bottom. I’ve been telling my people for two months, it would not go below $47,000. It really tested that, but it came back up.”