It has been just revealed that the on-chain analyst PlanB said that he is confident about the fact that Bitcoin will reach $100,000 in 2024. Check out the latest reports about this below.
Bitcoin to hit $100,000
The widely followed on-chain analyst, PlanB, has expressed confidence that Bitcoin (BTC) will surpass the six-figure price mark this year.
On the social media platform X, the pseudonymous analyst shared his predictions for 2024 with his 1.9 million followers, stating that these forecasts have remained unchanged since late 2022 when the market was experiencing a bearish trend.
One of his predictions is that “we will hit $100k in 2024.”
“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)”
PlanB is a well-known Bitcoin analyst who has developed his own version of the stock-to-flow (S2F) model.
This model, originally used for traditional commodities, predicts the future value of Bitcoin based on its scarcity.
PlanB predicts that BTC will reach $500,000 at some point in the next few years, possibly by 2025.
“Bitcoin 2023 close: $42,258. Up +156% from $16,528 in 2022. Ready for ETFs and halving in 2024!”
PlanB had expected Bitcoin to reach a higher price in 2021 than where it ultimately peaked.
While he acknowledges that his price models may have overestimated the value of Bitcoin at that time, the analyst remains confident that the general forecasts of the S2F models will eventually come to fruition.
He believes that Bitcoin will reach much higher prices in the years to come. As of now, Bitcoin is trading at $45,110, which represents a 169% increase in value over the past year.
Stay tuned for more news about the price of Bitcoin because massive moves are slated to come in 2024. Keep your eyes on the market.
