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.”