According to the latest price predictions, it seems that Bitcoin could hit $1 million. Check out the latest reports revealed by PlanB below.
Bitcoin price predicitons
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $23,472.
The popular quantitative analyst PlanB has updated his forecast on Bitcoin (BTC) after crypto kicked off the year with a strong rally.
PlanB said recently that the bottom has arrived for Bitcoin and predicts massive growth.
Just to refresh your memory, the analyst is best known for his stock-to-flow Bitcoin model. This predicts an asset’s value changes by comparing its current price to the rate at which its supply is generated.
“PlanB said the model failed late last year when BTC plummeted below $16,000. However, he says the stock-to-flow model has remained intact and is showing a staggering price explosion to $1 million is now possible by the end of 2025,” the online publication the Daily Hodl notes.
He said that BTC is heading toward the $32,000 price level leading up to next year’s halving event when supply will decrease. He predicted the fact that Bitcoin will cross the $100,000 price level in 2025 when he says it could climb to seven figures.
It’s been just reported that the crypto analyst Benjamin Cowen says Bitcoin (BTC) is setting up for a potential trend shift. It’s important to note the fact that this could result in an explosive rally similar to the one in 2019.
In a new strategy session, Cowen said the fact that three different technical indicators are converging at a key price level for Bitcoin.
As the online publication the Daily Hodl notes, the 50-week moving average is on a downward trend and the 200-week moving average is on an upward trend. These are both moving toward one another. The two moving averages appear likely to meet at BTC’s recent high of around $25,000.