Bitcoin to Surpass $100,000 in 2024, According to Popular Analyst
PlanB, a well-known analyst in the crypto space, is expressing optimism about Bitcoin's future performance.
The analyst recently shared a series of 2024 predictions. These forecasts have remained consistent since late 2022, even during the bear market period.
My forward guidance for 2024 has not changed from Oct 6, 2022 when bitcoin was 20k (see below):
– rise into April 2024 halving
– halving around S2F model value 55k (range 30k-100k)
– pump after halving
– we will hit 100k in 2024
– S2F target value 532k average (range 250k-1m) https://t.co/Neet5BQ90W— PlanB (@100trillionUSD) January 2, 2024
One notable forecast among several is the anticipation of Bitcoin reaching the $100,000 mark in 2024.
PlanB has emphasized that these projections, set when Bitcoin was at $20,000 in October 2022, encompass expectations of a rise leading into the April 2024 halving, the halving itself aligning around the S2F model value of $55,000 (with a range of $30,000 to $100,000), a subsequent surge post-halving, and the eventual achievement of the $100,000 milestone in 2024.
Additionally, the S2F model indicates an average target value of $532,000 (with a range between $250,000 and $1 million) for Bitcoin.
PlanB’s methodology involves applying variations of the stock-to-flow (S2F) model, originally utilized in traditional commodities, to Bitcoin. According to this approach, he envisions BTC potentially approaching the half-million dollar mark by 2025.
READ MORE: Top Analyst Foresees Bitcoin’s Prime Scenario Post ETF Approval
Reflecting on previous projections in 2021, PlanB acknowledges potential overestimations in price but maintains confidence in the broader trajectory outlined by the S2F models.
Despite Bitcoin currently trading at around $45,110, marking a roughly 169% increase over the past year, PlanB remains resolute in the belief that Bitcoin will see significantly higher values in the years ahead.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
