Photo: Xinhua

As excitement generated by the hotly-contested US presidential election spilled over from traditional markets, bitcoin’s price soared past $15,600 on Thursday, climbing about $1,600 in just 24 hours. 

BTC/USD weekly chart. Source: Tradingview

However, the gobsmacking price move did not surprise veteran crypto observers.

Macro investor Dan Tapeiro pointed out that the price move was congruent with the stock-to-flow prediction models of quant analyst PlanB.

He tweeted: “Now entering what is called the ‘moment of realization’ for #Bitcoin. Let’s give some credit to (PlanB) here. I like this model that picked top in late ’17 and most importantly bottom in early ’19. We are now in what I call the hodlers’ sweet spot. Get paid to sit.”

PlanB, who believes the price of bitcoin could hit $288,000 by the end of next year, compared the price action to previous bull runs, tweeting: “I have seen this show before – 2012/2013 and 2016/2017.”

Dan Held of the Kraken exchange said bitcoin’s price will continue to soar.

He tweeted: “It blows people’s minds when I tell them I bought Bitcoin at $10. In 5 years it’ll blow people’s minds that you bought Bitcoin at $10,000.”

Alex Mashinsky, CEO of Celsius Network, believes bitcoin is an excellent choice for investors in these uncertain times and expects the leading crypto to surpass its all-time high of $20,00 by the end of the year.

He told Kitco News, “There are very few assets that hold their value and generate yield, so bitcoin is an exceptional source of appreciation, and I think it will continue to do exceptionally well.”

Asia Times Financial is now live. Linking accurate news, insightful analysis and local knowledge with the ATF China Bond 50 Index, the world's first benchmark cross sector Chinese Bond Indices. Read ATF now.