Bitcoin (BTC) Price Prediction: PlanB – Bitcoin Hitting $150K By Year End
- PHPzOriginal
- 2024-07-30 00:01:22743browse
Amid strong bullish momentum, the world's largest cryptocurrency Bitcoin (BTC) has managed to breach past $70,000 levels as of press time
World’s largest cryptocurrency Bitcoin (BTC) has breached past the crucial levels of $70,000 as of press time, with analysts turning mega bullish going ahead.
The BTC price has been surging relentlessly in 2024, hitting new all-time highs (ATHs) frequently. The recent leg up in the Bitcoin price can be attributed to several factors, including the Bitcoin Halving 2024 event and the increasing demand for cryptocurrencies.
Earlier this year, several analysts had predicted that the Bitcoin price can hit $100,000 by the end of 2024. However, now some analysts are predicting even higher targets for BTC, with PlanB predicting that the Bitcoin price can literally double in the next 3-5 months from here onwards.
PlanB, who is the author of the stock-to-flow (S2F) model, took to X to share his analysis. As per PlanB, the Bitcoin miner revenue has already bottomed after the Bitcoin Halving 2024 event. Hence, he doesn’t expect any further Bitcoin miner capitulation, which will put selling pressure on the BTC price.
PlanB also stated that he expects the BTC price to double from here by the end of 2024, hitting the target of $150K.
“Miner revenue bottomed after April 2024 halving. I expect bitcoin price to double from today in 3-5 months.”
PlanB further explained that he made his prediction based on the historical mining data as shown in his chart. The Bitcoin S2F 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. Responding to this, PlanB said:
“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).”
The above is the detailed content of Bitcoin (BTC) Price Prediction: PlanB – Bitcoin Hitting $150K By Year End. For more information, please follow other related articles on the PHP Chinese website!