What is the Likelihood of PlanB Robert Kiyosaki and Standard Chartereds Six Digit Bitcoin Targets
Bitcoin has been a hot topic lately, especially after hitting a record high of $73k. While Bitcoin is trying to hold above $70k, analysts and experts are making some bold predictions for the coin by the end of 2024.
One such prediction comes from crypto expert Plan B, who has forecasted that Bitcoin could potentially reach a minimum price of $100,000 by June 2024. His analysis is based on a model he created, indicating a rapid increase in Bitcoin’s value.
Robert Kiyosaki has also weighed in, predicting that Bitcoin’s price could skyrocket to $350,000 by mid-August. This forecast is based on his examination of market trends and factors influencing Bitcoin’s price movements.
Standard Chartered has made its own prediction, foreseeing a $150,000 BTC price by the end of 2024. This forecast is based on positive payroll data and other market indicators, hinting at a possible increase in Bitcoin’s price to $80,000 by the close of June.
Despite these predictions, Bitcoin has yet to hit $100k, even after almost five months into the year. While it reached $73k during the halving pump, boosted by ETF money, this is an unusual occurrence. Typically, it takes a few months, or even up to six months, after the halving for Bitcoin to surpass its all-time high. Therefore, the current price of Bitcoin is quite remarkable.
As we observe Bitcoin and the wider crypto market, we anticipate a potential downward breakthrough. As prices rise, there may be some resistance along the way, leading to temporary pauses or even slight upward movements for a day. A bullish pattern, resembling a big bull flag, is forming in the total market cap on the daily timeframe. If this pattern unfolds as expected, we could witness a significant upward move.
Reflecting on June 2023, the crypto market saw a resurgence due to BTC spot ETF filings, marking a month of progress and regulatory changes, with major institutions becoming more involved. While reaching $100k for Bitcoin by June 2024 may seem improbable, it remains a possibility by the year’s end, given its current trajectory.