PlanB Predicts Bitcoin Price To Double!
Amidst the ongoing bullish momentum, Bitcoin had managed to reach around the $70,000 levels earlier today. Notably, PlanB, the author of the stock-to-flow model, predicts that the Bitcoin price can double in the next 3-5 months.
In a recent post on X, PlanB stated that the Bitcoin miner revenue has already bottomed after the Bitcoin Halving 2024 event. And therefore, he does not expect any further Bitcoin miner capitulation, thereby putting selling pressure on the BTC price. PlanB also said that he expects the BTC price to double from here by the end of 2024, hitting the target of $150K.
“BTC $500K On Average In 2024-2028!”
PlanB made his prediction based on the historical mining data shown in his chart. The Bitcoin stock-to-flow model measures the ratio between the circulating supply of Bitcoins and the annual issuance of new coins. In the past, the S2F model has given accurate predictions on several occasions.
One of the followers on X asked PlanB that some people are saying $140K to be the top for BTC. PlanB responded to this stating “No I don’t agree with a 140k top and diminishing returns. IMO bitcoin will be ~$500k on average in 2024-2028 (as per S2F model).”
At the Bitcoin Conference over the last weekend, top lawmakers promoted BTC as a reserve asset. Former President Donald Trump also stated that Bitcoin is on the verge of overtaking silver as an asset class and that it would overtake even Gold in the future.
Trump Criticizes Democratic Lawmakers
In his highly anticipated speech, he aimed at the Democratic lawmakers including Sen. Elizabeth Warren, the SEC Chair Gary Gensler, and the Biden administration at large.
Trump criticized the officials for the ways he said they’ve harmed the industry by failing to provide rules and regulations for it to operate and thrive, as per a CNBC report.
He also said it would be his policy to keep 100% of the bitcoin the U.S. government currently holds (about 210,000 bitcoins), serving as the beginning of a National Strategic Bitcoin Reserve.
Bitcoin ETFs See Strong Inflows, BTC Predictions!
The spot bitcoin ETFs as well have witnessed strong inflows in the past three weeks and analysts expect them to continue further. Moreover, all eyes are on the US Fed meeting this week as the crypto market awaits an additional catalyst in the form of rate cuts. But, 96% of the investors believe that the Fed will keep the rates unchanged in August while 85% expect a 25 bps interest rate cut in September.
Also, with the US elections approaching, further volatility in the BTC price can be expected. PlanB was not alone in making a big BTC price target as Spot-on-Chain also had predicted BTC to hit $100K by the year-end and $150K by the first half of 2025.
