A popular quantitative cryptocurrency analyst, known for his Stock-to-Flow model, has recently revealed he believes it’s “inevitable” the price of Bitcoin reaches the $100,000 mark this year, and predicted BTC will trade above $200,000 over the coming bull market cycle, and could potentially exceed the $1 million mark.
In a recently published video on the Google-owned video-sharing platform YouTube, pseudonymous analyst PlanB shared with his over 140,000 subscribers that he believes it’s “inevitable” BTC’s price will break through $100,000 this year, and expressed his belief that a $200,000 peak for the cycle would be underwhelming.
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The analyst’s Stock-to-Flow mode where stock is “the size of the existing stockpiles or reserves” and flow is “the yearly production” analyzes supply and demand dynamics. The analyst pointed to a price peak in 2025, and noted the $200,000 peak would “be a disappointment.”
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Based on his model, PlanB suggests a peak well above $500,000, potentially reaching $600,000, $700,000 or even $1 million per BTC. The analyst, however, cautioned viewers about potential volatility in the incoming cycle that could include corrections of 20% to 30%.
He emphasized that this is not financial advice, but added he personally, plans to hold his Bitcoin for the next 12 months and reassess when the market transitions from a bull market to a distribution phase.
Bitcoin is currently trading at around $66,000 per coin after enduring a significant correction over the past week. As reported in a recent memo to investment professionals, Bitwise’s Chief Investment Officer, Matt Hougan, shared his thoughts on navigating the choppy waters of today’s crypto market, particularly focusing on Bitcoin and saying they see “Bitcoin is in a raging bull market” over the long-term.
Featured image via Unsplash.
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- Source: https://www.cryptoglobe.com/latest/2024/04/bitcoin-btc-price-hitting-100000-inevitable-this-year-analyst-predicts/
