Cryptocurrency expert PlanB stands firm on his forward guidance for the year 2024, echoing predictions made on October 6, 2022, when Bitcoin was valued at $20,000. Despite the dynamic nature of the market, the analyst maintains a positive outlook, highlighting key milestones and potential price movements in the coming months.
Revisiting his forecast from October 6, 2022, the analyst emphasizes a consistent trajectory for Bitcoin in 2024. The predictions include a surge leading up to the April 2024 halving, an event eagerly anticipated by the crypto community. The halving is expected to align closely with the Stock-to-Flow (S2F) model value of $55,000, within a broad range of $30,000 to $100,000.*
Post-Halving Pump
According to the analyst’s projections, the Bitcoin market is poised for a significant pump post-halving, drawing parallels to historical patterns observed in 2012, 2016, and 2020. The increased scarcity resulting from the halving event, coupled with the S2F ratio, is anticipated to drive a substantial uptick in the cryptocurrency’s price.*
He remains resolute in his prediction that Bitcoin will reach the $100,000 mark in 2024. The analyst’s conviction is rooted in a combination of factors, including the upcoming halving, historical market trends, and the overarching S2F model. While acknowledging market uncertainties, the analyst is optimistic about Bitcoin’s potential for significant growth.*
*Looking beyond the immediate future, the analyst provides a long-term perspective, citing a target S2F value averaging at $532,000. This ambitious figure comes with a wide range of $250,000 to $1 million, underscoring the inherent volatility and speculative nature of the cryptocurrency market. Despite the bold forecast, PlanB remains steadfast in his confidence about Bitcoin’s potential to achieve and surpass these valuations.
