Renowned on-chain analyst PlanB has reaffirmed his confidence that Bitcoin (BTC) will surpass the six-figure mark during the course of the current year.
With a follower base of 1.9 million on the social media platform, the pseudonymous analyst shared his forecasts for 2024, noting that these have not changed since the end of 2022, even during the market’s bearish phase.
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
The key prediction of PlanB is clear and forceful: “We will reach $100,000 in 2024”
PlanB maintains that this projection remains unchanged since October 6, 2022, when Bitcoin stood at $20,000.
Its fundamental points include:
- Rising to April 2024 Halving: Traditionally, Bitcoin halving events, which reduce mined block rewards, have been associated with increases in price due to reduced supply.
- Halving around 55k S2F model value: This suggests that during the halving, the price could settle at around $55,000 based on your interpretation of the stock-to-flow model.
- Post-Halving Upside Forecast: PlanB anticipates a significant increase in price following the halving event.
- Target S2F value of $532,000 on average: Looking further ahead, expect an average S2F value of $532,000, with a range between $250,000 and $1 million, possibly by 2025.
Even though in 2021 his models predicted higher prices than Bitcoin ultimately reached, the analyst acknowledges this fact.
However, he remains confident in the general predictions of S2F models, stating that Bitcoin is likely to experience considerably higher prices over time.
It is essential to keep in mind that the cryptocurrency market is highly volatile and subject to various influences.
While PlanB’s projections have gained attention and followers, there are unforeseen factors, such as regulatory changes, technological advances, or market sentiments, that can significantly affect price movements.
Investors and interested market participants are therefore advised to consider these projections with caution, conduct their own research and consider a variety of opinions before making investment decisions.
