Bitcoin
Analyst Sets BTC Target to $100,000 by Year End
Get ready for exciting Bitcoin news! PlanB, the mastermind of the Stock-2-Flow (S2F) model, known for its accurate market forecasts, has something important to say. He is confident that Bitcoin’s value is about to skyrocket, aiming for a staggering $100,000 in 2024.
Despite the ups and downs after the halving, Plan B remains optimistic. He sees these market fluctuations as stepping stones to Bitcoin’s climb to new heights. Using network data and the Relative Strength Index (RSI), he is convinced that Bitcoin is on solid ground, with $60,000 serving as a strong support level.
Here’s what he had to say.
Decoding the Stock-to-Flow Model
Plan B supports your prediction with in-depth analysis, linking Bitcoin’s value to its Stock-to-Flow model. The Stock-to-Flow model is a widely followed model that correlates Bitcoin’s scarcity with its price.
Despite Bitcoin closing the month slightly below $60,000, he notes that it is still up 36% year-to-date. He emphasizes the importance of the current month being the last “blue dot” before the next halving, indicating that, historically, the price of Bitcoin has been aligned with the Stock-to-Flow model at this point in the halving cycle. The analyst also highlights that although the average price of Bitcoin is currently below the original forecast of $55,000, it is still in the same order of magnitude.
Bold by PlanB Forecast
But hold on tight because Plan B’s predictions extend into the distant future. According to him, Bitcoin could reach not only $100,000, but possibly rise to an astonishing $500,000 by 2028. And with Bitcoin currently hovering around $60,000, hitting the six-figure mark this year seems entirely feasible.
Heading into 2025, Plan B expects the bull market to peak by then. He ponders whether Bitcoin’s rise will be constant or explosive. Despite differing opinions, he firmly believes in the accuracy of the Stock-to-Flow model and predicts exponential gains driven by Bitcoin’s relatively low adoption rate.
Technical information
While the Stock-to-Flow model gains prominence, Plan B also considers other technical indicators. The Relative Strength Index (RSI) and 200-week moving average offer valuable insights into Bitcoin’s trajectory. As the RSI normalizes and the blue dots on the charts turn to red, Plan B sees more room for price appreciation.
And amid the market’s inevitable ups and downs, the 200-week moving average continues to be a reliable guide.
Patience really pays off!
Despite short-term market turbulence, analysts like PlanB advise patience and a long-term perspective. While declines of 20-30% may occur, the promise of exponential gains awaits those who have the patience to weather the storm.
As Bitcoin’s journey unfolds, excitement fills the air. With the stage set and the players ready, the path ahead promises thrills, thrills and perhaps even some surprises.
Also check out: Why are investors abandoning Bitcoin? Here’s what’s next for BTC price
High or low? Tell us your outlook on Bitcoin for the coming years.