PlanB, a well-known on-chain scholar in the world of cryptocurrencies, recently presented his analysis with confidence that Bitcoin (BTC) will surpass the impressive six-figure mark by 2024. Sharing his perspectives with around 1.9 million followers on Social media platform X, PlanB highlighted a set of predictions for 2024. They are consistent with their previous studies done at the height of the bear market in late 2022.
PlanB’s prediction for Bitcoin in 2024 remains unchanged from October 2022, when BTC was priced at approximately $20,000. Their expectations include a significant increase in the price of Bitcoin ahead of the April 2024 halving, an event that has historically boosted the currency’s value. PlanB bases its predictions on the stock-to-flow (S2F) model, a method traditionally used for commodities that it adapted for Bitcoin.
Applying the S2F model to Bitcoin, PlanB’s analysis anticipates that BTC could approach the half-million-dollar mark in the coming years, potentially in 2025. Thus, this model considers Bitcoin’s limited supply and its production rate (halving). ), suggesting a substantial increase in value over time.
My forward guidance for 2024 has not changed from Oct 6, 2022 when bitcoin was 20k (see below):
– rise into April 2024 halving
– halving around S2F model value 55k (range 30k-100k)
– pump after halving
– we will hit 100k in 2024
– S2F target value 532k average (range 250k-1m) https://t.co/Neet5BQ90W— PlanB (@100trillionUSD) January 2, 2024
Recent Bitcoin Performance
The year 2023 marked an impressive close for Bitcoin, which saw a +156% increase over the previous year, rising from $16,528 to $42,258. Thus, this robust increase establishes a solid basis for PlanB’s expectations for 2024. It also includes the introduction of Bitcoin ETFs and the impact of the next halving.
Although some past predictions from PlanB have exceeded expectations, the analysis maintains its confidence in the S2F model’s overall predictions for Bitcoin. He firmly believes that in the long term, BTC will reach much higher prices.
At the time of writing this analysis article, Bitcoin was trading at $45,110. Therefore, this represents an increase of around 169% compared to the previous year. This robust initial performance reinforces the possibility of Bitcoin reaching the $100,000 target set by PlanB.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/planb-analise-projeta-bitcoin-a-us-100-mil-em-2024-apos-forte-inicio-de-ano/
