Crypto Analyst PlanB Predicts Bitcoin (BTC) Price Will Stay Above $60K
Get ready for some exciting news! The creator of the widely used Stock-2-Flow (S2F) model, PlanB, has made a noteworthy prediction about Bitcoin. Known for accurate market calls, PlanB confidently declares that Bitcoin’s value is about to experience a significant surge and assures that it won’t drop below $60,000 again.
Bitcoin’s recent surge to a new all-time high of $73,760 has caught the attention of seasoned investors and newcomers alike in the crypto space. With the halving approaching, PlanB believes that this will further boost Bitcoin’s price to new highs. Based on on-chain data and the RSI indicator, it appears that we are in a strong position, with $60,000 acting as a solid support level.
Let’s take a closer look at what PlanB has to say.
PlanB’s unwavering support for Bitcoin
In a recent reveal on X, PlanB supports his prediction with a detailed analysis that links Bitcoin’s value to its hashrate. Through a clear chart, he demonstrates a consistent upward trajectory for the leading digital asset. This connection between these factors is a fundamental aspect of his optimistic outlook.
Utilizing the Stock-to-Flow (S2F) model, PlanB suggests that Bitcoin’s price could skyrocket to unprecedented levels, surpassing $200,000 and even reaching as high as $500,000.
The Stock-to-Flow model, which compares the current supply of Bitcoin to the rate at which new coins are entering circulation, has proven to be a reliable indicator of Bitcoin’s price movements, especially around halving events. These events occur approximately every four years and reduce the rate at which new Bitcoins are mined, effectively reducing the supply and historically triggering significant price rallies.
PlanB’s analysis highlights the importance of Bitcoin’s connection with the S2F model, particularly in the lead-up to a halving. The transition from “blue to red” dots in the model represents a shift into a bullish market phase, indicating the potential for substantial price appreciation.
A short-term twist
While acknowledging the possibility of short-term volatility, including potential dips of 20-30%, PlanB remains optimistic about Bitcoin’s long-term trajectory. He suggests that Bitcoin could reach $100,000 within the current year, with further potential for growth in the years to come. However, analysts caution that the peak may not be reached until 2025, emphasizing the need for patience and a long-term perspective for investors.
In addition to this, there are more reasons for investors to focus on Bitcoin as an asset class than ever before. The recent approval of 11 spot Bitcoin ETFs in the United States is expected to bring in more cash inflow in the coming years.
Furthermore, Bitcoin’s fourth halving event is less than 20 days away, which will reduce its annual inflation to less than 1%. Meanwhile, the US Federal Reserve has already indicated several interest rate cuts this year in response to easing inflation and minimal unemployment cases.
Tags: Bitcoin, Price Analysis