- Renowned quant analyst PlanB predicts Bitcoin (BTC) could hit six figures by the end of 2024.
- He bases this prediction on the need for BTC miners’ revenue to recover from losses incurred due to the April halving.
- PlanB’s stock-to-flow model suggests BTC could reach a price target of $500,000 within the next four years.
Bitcoin could reach $100,000 by 2024 and $500,000 by 2028, according to predictions by quant analyst PlanB. This is based on the need for BTC miners’ revenue recovery and the stock-to-flow model.
PlanB’s Prediction for Bitcoin’s Future
PlanB, a highly followed quant analyst, recently shared his predictions for Bitcoin’s future in a strategy session with his 157,000 YouTube subscribers. He believes that Bitcoin’s price is likely to double the current value to restore BTC miners’ revenue losses due to the April halving. “It is inevitable that we reach $100,000, in my opinion, because miner revenue has to recover,” he stated.
The Stock-to-Flow Model
PlanB also discussed his stock-to-flow model, which compares the amount of a commodity in circulation divided by the amount produced every year. According to this model, BTC will hit a price target of $500,000 within the next four years. He believes that the Bitcoin price will slowly catch up with the model value, and the top of the bull market will likely be in 2025.
Bitcoin’s Current Trading Value
At the time of writing, Bitcoin is trading for $62,868, up 6.5% in the last 24 hours. Despite the volatility of the crypto market, PlanB’s predictions offer a bullish outlook for Bitcoin’s future.
Conclusion
While these predictions are optimistic, investors should always conduct their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. The future of Bitcoin remains uncertain, but predictions like these provide interesting insights into potential trends and developments.
