Get ready for exciting news about Bitcoin! PlanB, the mastermind behind the Stock 2 Flow (S2F) model known for its accurate market predictions, has something big to say. He believes Bitcoin’s value will skyrocket and aim for a staggering $100,000 in 2024.
Despite the ups and downs after the halving, PlanB remains optimistic. He sees these market fluctuations as the starting point for Bitcoin’s rise to new heights. Based on on-chain data and the Relative Strength Index (RSI), he believes Bitcoin is on solid ground, with $60,000 acting as a strong support level.
This is what he means.
Decoding the Stock-to-Flow Model
PlanB connects the value of Bitcoin to the Stock-to-Flow model and backs up its predictions with detailed analysis. The stock-to-flow model is a widely used model that correlates the scarcity and price of Bitcoin.
Although Bitcoin ended the month at just under $60,000, he noted that Bitcoin is still up 36% year-to-date. He emphasized the importance of this month as the last “blue dot” before the next halving, noting that at this point in the halving cycle Bitcoin’s price has historically been consistent with a stock-to-flow model. He pointed out that The analyst also emphasized that while Bitcoin’s average price is currently below the initial estimate of $55,000, it is still within the same range.
PlanB’s bold predictions
But don’t forget your hat, because PlanB’s predictions extend far into the future. According to him, Bitcoin has the potential to not only reach $100,000, but also reach the staggering level of $500,000 by 2028. And with Bitcoin currently hovering around $60,000, reaching six-digit levels this year seems entirely possible.
Looking at 2025, PlanB assumes that the bull market will peak by then. He weighs in on whether Bitcoin’s rise will be steady or explosive. Though opinions differ, he is a strong believer in the accuracy of the stock-to-flow model and predicts exponential growth due to Bitcoin’s relatively low adoption.
Technical Insights
While the stock-to-flow model is the focus, PlanB also considers other technical indicators. The Relative Strength Index (RSI) and the 200-week moving average provide valuable insight into Bitcoin’s performance. Once the RSI normalizes and the blue dot on the chart turns red, PlanB believes there is room for further price increases.
And through the inevitable ups and downs of the market, the 200-week moving average remains a reliable guide.
Patience really pays off!
Despite short-term market turbulence, analysts like PlanB advise patience and a long-term perspective. There may be a 20-30% decline, but an exponential increase awaits those who have the patience to weather the storm.
Excitement is in the air as Bitcoin’s journey unfolds. When the stage is set and players are ready, thrills, surprises, and maybe even some upsets await.
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