Bitcoin (BTC) Price Will Not Drop Below $60K : Predicts Crypto Analyst PlanB
The post Bitcoin (BTC) Price Will Not Drop Below $60K : Predicts Crypto Analyst PlanB appeared first on Coinpedia Fintech News
This is something that’s bound to interest you! A noteworthy prediction has emerged from the creator of the widely used Stock-2-Flow (S2F) model. PlanB, known for accurate market calls, confidently declares that Bitcoin’s value is on the brink of a significant surge, emphasizing that it won’t dip below $60,000 again.
Bitcoin’s recent surge to a new all-time high of $73,760 has captured the attention of both seasoned investors and newcomers to the crypto space. Since halving is near, PlanB believes this will boost Bitcoin price to new highs. Based on on-chain data and the RSI indicator, it seems we’re in a solid position, with $60,000 serving as a robust support level.
Here’s what he has to say.
PlanB’s Unswerving Bitcoin Support
In a recent reveal on X, PlanB supports his prediction with in-depth analysis, tying Bitcoin’s value to its hashrate. He illustrates a consistent upward path for the leading digital asset through a clear chart. This connection between these factors is a key pillar of his optimistic outlook.
Drawing on the Stock-to-Flow (S2F) model, PlanB suggests that Bitcoin’s price could soar to unprecedented levels, surpassing $200,000 and reaching as high as $500,000.
The Stock-to-Flow model, which compares the current supply of Bitcoin to the rate at which new coins are entering circulation, has proven to be a reliable indicator of Bitcoin’s price movements, particularly around halving events. These events, occurring roughly every four years, reduce the rate at which new Bitcoins are mined, effectively diminishing the supply and historically triggering substantial price rallies.
His analysis underscores the importance of Bitcoin’s connection with the S2F model, particularly in the lead-up to a halving. The transition from “blue to red” dots in the model signifies a shift into a bullish market phase, indicating the potential for significant price appreciation.
A Short-Term Twist
While acknowledging the possibility of short-term volatility, with potential dips of 20-30%, PlanB remains optimistic about Bitcoin’s long-term trajectory. He suggests that Bitcoin could reach $100,000 within the current year, with further upside potential in the years to come. However, analysts caution that the peak may not occur until 2025, emphasizing the importance of patience and a long-term perspective for investors.
Apart from this, there are more reasons for investors to focus on Bitcoin as an asset class than before. Already, more cash inflow is expected in the coming years following the recent approval of 11 spot Bitcoin ETFs in the United States.
Moreover, Bitcoin’s fourth halving event is less than 20 days from happening, which will reduce its annual inflation to less than 1 percent. Meanwhile, the US Federal Reserve has already signaled several interest rate cuts this year following the easing of inflation without major unemployment cases.
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Bitcoin (BTC) Price Will Not Drop Below $60K : Predicts Crypto Analyst PlanB
The post Bitcoin (BTC) Price Will Not Drop Below $60K : Predicts Crypto Analyst PlanB appeared first on Coinpedia Fintech News
This is something that’s bound to interest you! A noteworthy prediction has emerged from the creator of the widely used Stock-2-Flow (S2F) model. PlanB, known for accurate market calls, confidently declares that Bitcoin’s value is on the brink of a significant surge, emphasizing that it won’t dip below $60,000 again.
Bitcoin’s recent surge to a new all-time high of $73,760 has captured the attention of both seasoned investors and newcomers to the crypto space. Since halving is near, PlanB believes this will boost Bitcoin price to new highs. Based on on-chain data and the RSI indicator, it seems we’re in a solid position, with $60,000 serving as a robust support level.
Here’s what he has to say.
PlanB’s Unswerving Bitcoin Support
In a recent reveal on X, PlanB supports his prediction with in-depth analysis, tying Bitcoin’s value to its hashrate. He illustrates a consistent upward path for the leading digital asset through a clear chart. This connection between these factors is a key pillar of his optimistic outlook.
Drawing on the Stock-to-Flow (S2F) model, PlanB suggests that Bitcoin’s price could soar to unprecedented levels, surpassing $200,000 and reaching as high as $500,000.
The Stock-to-Flow model, which compares the current supply of Bitcoin to the rate at which new coins are entering circulation, has proven to be a reliable indicator of Bitcoin’s price movements, particularly around halving events. These events, occurring roughly every four years, reduce the rate at which new Bitcoins are mined, effectively diminishing the supply and historically triggering substantial price rallies.
His analysis underscores the importance of Bitcoin’s connection with the S2F model, particularly in the lead-up to a halving. The transition from “blue to red” dots in the model signifies a shift into a bullish market phase, indicating the potential for significant price appreciation.
A Short-Term Twist
While acknowledging the possibility of short-term volatility, with potential dips of 20-30%, PlanB remains optimistic about Bitcoin’s long-term trajectory. He suggests that Bitcoin could reach $100,000 within the current year, with further upside potential in the years to come. However, analysts caution that the peak may not occur until 2025, emphasizing the importance of patience and a long-term perspective for investors.
Apart from this, there are more reasons for investors to focus on Bitcoin as an asset class than before. Already, more cash inflow is expected in the coming years following the recent approval of 11 spot Bitcoin ETFs in the United States.
Moreover, Bitcoin’s fourth halving event is less than 20 days from happening, which will reduce its annual inflation to less than 1 percent. Meanwhile, the US Federal Reserve has already signaled several interest rate cuts this year following the easing of inflation without major unemployment cases.
Read More