bitcoin-breaks-70000-barrier-investors-speculate-on-100000-target-for-2024/” rel=”nofollow”>PlanB, pseudonymous crypto analyst has boldly claimed that bitcoin will reach $100,000 this year despite the current bearish sentiments around the flagship cryptocurrency. He made this statement while providing an in-depth analysis of the current bitcoin price action.
bitcoin at $100,000 is “inevitable”
PlanB stated in a video on his YouTube channel that he believes bitcoin reaches $100,000 This year it is “inevitable”. Interestingly, he suggested that $100,000 is likely just the starting point for the price of bitcoin in this market cycle. He noted that bitcoin's stock-to-flow (STF) indicator hinted that $500,000 was the average price level for bitcoin.
However, he added that this does not mean The price of bitcoin will jump overnight to $500,000. He claims that the bitcoin cap will not come this year but sometime in 2025. Explaining what the cap would mean for the price of bitcoin, PlanB stated that the price of bitcoin could rise to bitcoin-1-million-btc-prediction-math/” rel=”nofollow”>as high as $1 million from the perspective of the STF.
The crypto analyst mentioned that bitcoin needs a much higher high than the average $500,000 level, so $1 million is a strong possibility. PlanB joins a short list of analysts who believe bitcoin could reach such an ambitious price level. Jan3 CEO and Bitcoiner Samson Mow is another individual who has also predicted that bitcoin could reach a million dollars. However, unlike PlanB, Mow believes such an exponential price increase could occur this year.
Mow alluded to the imbalance between bitcoin supply and demand as the main reason why he holds this belief. He expects the price of bitcoin to “react accordingly” once miner rewards are halved during the bitcoin-bull-market-glassnode/” rel=”nofollow”>bitcoin Halving.
Corrections are normal even in a bull market
PlanB warned bitcoin-supply-bought-above-60000-glassnode/” rel=”nofollow”>bitcoin holders that there would be a lot of volatility in this bull market and that these moves will not just be bullish, as investors should also expect “multiple declines of -20% to -30%.” He added that this is “very normal” and the best thing to do is not to panic about these falls.
PlanB's statement echoes the sentiments of crypto/” rel=”nofollow”>Alex ThornHead of Research at Galaxy Digital, who warned that the market does not go up directly even in bull markets. Back then, Thorn revealed that there were also significant price corrections in the bitcoin-bull-buyers-finally-break-even/” rel=”nofollow”>Bull run of 2021 and 2017. He stated that there were about 13 declines of 10% or more in the last bull run, while there were about 13 declines of 12% or more in the 2017 bull run.
At the time of writing, bitcoin is trading at around $66,000, down in the last 24 hours, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
x/gbFIEHlx/” alt=”Tradingview.com bitcoin Price Chart” width=”3286″ height=”1530″ loading=”lazy”/>
btc price at $66,200 | Source: BTCUSD on Tradingview.com
Featured image from PCMag, chart from Tradingview.com
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