A renowned analyst reveals when Bitcoin (BTC) price can reach US$100,000
PlanB, a popular analyst and creator of the well-known Bitcoin (BTC) price prediction model Stock-to-Flow (S2F), has shared his latest prediction for the leading crypto asset.
According to PlanB, Bitcoin is set to reach the US$100,000 mark after the halving event in 2024.
PlanB is confident that Bitcoin hit a cyclical low of US$15,500 in November 2022, marking a capitulation event amid the collapse of the crypto exchange FTX.
The analyst believes that Bitcoin's achievement of the US$32,000 level in the near term will confirm the potential to reach the US$60,000 level in anticipation of the halving event in 2024.
PlanB asserts that the breakthrough to the US$100,000 level will occur in 2025 after the halving event.
Did you know?
The S2F model is a valuation method that predicts Bitcoin's price by considering its scarcity. The model is based on the relationship between the asset's existing supply (stock) and its production rate or inflow. In the context of Bitcoin, "stock" represents the total amount of BTC currently in circulation. Meanwhile, "flow" refers to the rate of new BTC creation through mining. The S2F ratio divides "stock" by "flow", measuring Bitcoin's scarcity.
Read also: Balaji Srinivasan's Bet Causes a Stir, Is Bitcoin's (BTC) Price Hitting US$1 Million in 90 Days Realistic?
How Accurate Are PlanB's Bitcoin Predictions?
Unfortunately, PlanB's prediction history has shown that his analyses are not always accurate.
For example, in November 2021, when Bitcoin hit a new all-time high (ATH) of US$68,789, the creator of the S2F model predicted that BTC would skyrocket to US$100,000 by the end of the month. However, PlanB later withdrew his prediction, drawing criticism from the crypto community.
Previously, the BeInCrypto editorial team analyzed several publications by PlanB. The conclusion was that most of the price predictions by the creator of the S2F model did not materialize.
As a reminder, other experts have previously shared their views on how high Bitcoin's price could go after the 2024 halving event.
What do you think of PlanB's Bitcoin price prediction?
