Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Top Stories This Week
We’re undoubtedly in a bull market right now. This week, Bitcoin hit $16,000 for the first time in years.
Even this weekend’s volatility hasn’t been enough to derail BTC’s momentum. Although prices abruptly dropped to $15,670 overnight on Sunday, traders quickly stepped in to defend $16,000.
It is exceptionally rare for Bitcoin to perform this well. The world’s biggest cryptocurrency has only closed above $16,320 on 12 days in its history — just 0.28% of the time.
Naturally, the question now is whether BTC’s strength will remain, given how it’s in touching distance of surpassing the current all-time high of $20,089.
Analysts at IntoTheBlock say there is little resistance between $16,300 and $18,750, indicating that further upside is possible.
However, with “extreme greed” flashing on the Fear & Greed Index, Cointelegraph contributor Michaël van de Poppe has warned a correction is almost inevitable in the short term.
PlanB, the creator of the stock-to-flow model, has doubled down on his assertion that BTC’s best days lie ahead, saying he has “no doubt whatsoever” that Bitcoin prices will have reached $100,000–$288,000 by December 2021.
His model has caused controversy over the years, and now, one hedge fund executive is inviting S2F enthusiasts to put their money where their mouth is.
Eric Wall, the chief investment officer at Arcane Assets, is offering a $1-million bet that Bitcoin won’t have come within 50% of PlanB’s target range by 2025, let alone by next December.
“This is not a joke. I’m willing to lock up…