Get ready for some exciting news about Bitcoin! PlanB, the mastermind behind the Stock-2-Flow (S2F) model, known for its accurate market predictions, has something big to say. He’s confident that Bitcoin’s value is about to skyrocket, aiming for a whopping $100,000 in 2024.
Despite the ups and downs after the halving, PlanB remains optimistic. He sees these market fluctuations as stepping stones towards Bitcoin’s climb to new heights. Using on-chain data and the Relative Strength Index (RSI), he’s convinced that Bitcoin is on solid ground, with $60,000 serving as a strong support level.
Here’s what he has to say.
Decoding the Stock-to-Flow Model
PlanB supports his prediction with in-depth analysis, tying 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 significance of the current month being the last “Blue Dot” before the next halving, indicating that historically, Bitcoin’s price has been in line with the Stock-to-Flow model at this point in the halving cycle. The analyst also highlights that while the average Bitcoin price is currently below the original prediction of $55,000, it is still within the same order of magnitude.
PlanB’s Bold Forecast
But hold onto your hats because PlanB’s predictions stretch far into the future. According to him, Bitcoin could reach not only $100,000 but possibly soar to an astounding $500,000 by 2028. And with Bitcoin currently hovering around $60,000, hitting the six-figure mark this year seems entirely feasible.
Coming to 2025, PlanB expects the bull market to peak by then. He ponders whether Bitcoin’s rise will be steady or explosive. Despite differing opinions, he firmly believes in the Stock-to-Flow model’s accuracy and foresees exponential gains driven by Bitcoin’s relatively low adoption rate.
Technical Insights
While the Stock-to-Flow model takes the spotlight, PlanB also considers other technical indicators. The Relative Strength Index (RSI) and the 200-week moving average offer valuable insights into Bitcoin’s trajectory. As the RSI normalizes and the blue dots on the charts transition to red, PlanB sees further room for price appreciation.
And amidst the market’s inevitable ups and downs, the 200-week moving average remains a reliable guide.
Patience Really Does Pay Off!
Despite short-term market turbulence, analysts like PlanB advise patience and a long-term perspective. Although there may be dips of 20-30%, the promise of exponential gains awaits those with the patience to ride out the storm.
As Bitcoin’s journey unfolds, excitement fills the air. With the stage set and the players ready, the road ahead promises thrills, spills, and maybe even a few surprises.
Also Check Out: Why Are Investors Dumping Bitcoin? Here’s What’s Next for BTC Price
Bullish or bearish? Tell us your Bitcoin outlook for the coming years.
