Bulls and bears in the cryptocurrency industry, particularly when it comes to Bitcoin (BTC), are engaged in a fierce competition. Despite this ongoing struggle in the market, analysts continue to express their optimistic views. One prominent figure in the market, known as PlanB, has recently presented a significant outlook for the future of BTC.
Bitcoin Price Prediction
PlanB, a cryptocurrency analyst and creator of the stock-to-flow (S2F) model, shared a post on May 7, predicting that the average price of Bitcoin during the 2020-2024 halving period would be around $34,000. This forecast is slightly lower than his previous prediction of $55,000 in 2019.
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Following this, PlanB updated the S2F model with new data, which led to similar parameters and results. According to the updated model, the average price of Bitcoin during the 2024-2028 halving period is projected to be $500,000. Looking even further ahead, for the halving period of 2028-2032, PlanB calculated that the price of Bitcoin could reach $4 million.
Reviewing his previous statements, PlanB recently predicted that Bitcoin would surpass $100,000 in the second half of 2024. In April, the closing price of Bitcoin was slightly above $60,000, representing a 36% increase since the beginning of the year.
Furthermore, professional cryptocurrency investors and analysts suggest that a market peak may occur in 2025, potentially driving the price of Bitcoin to $200,000.
BTC Price Analysis
At present, the current price of BTC stands at $62,471, which represents a 1.19% decline over the past 24 hours. Over the previous seven days, there has been a 7.42% increase, but recent data from May 8 shows a 13.90% decrease in the monthly chart analysis.
Bitcoin’s market capitalization has fallen to $1.23 billion, marking a 2% decrease. The 24-hour trading volume for Bitcoin is $25 billion, experiencing only a slight decrease of 0.1%. The volume reflects the uncertainty in the market, with sellers hesitant to sell and buyers cautious about making purchases.
On the other hand, the reluctance of sellers to short-sell under uncertain market conditions could also indicate an expectation of a market rise among the same group.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, and should conduct their own research.
