PlanB Bitcoin Prediction May 2024: Analyst Sets BTC Target to $100,000 by Year-End
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The post PlanB Bitcoin Prediction May 2024: Analyst Sets BTC Target to $100,000 by Year-End appeared first on Coinpedia Fintech News
This is something thatâs 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 Bitcoinâs value is on the brink of a significant surge, emphasizing that it will likely reach $100,000 in 2024.
The post-halving market is still choppy, But PlanB believes this will boost Bitcoin price to new highs. Based on on-chain data and the RSI indicator, it seems weâre in a solid position, with $60,000 serving as a robust support level.
Hereâs what he has to say.
Bitcoin to Hit New ATH in May? PlanB Weighs In
PlanB supports his prediction with in-depth analysis, tying Bitcoinâs value to its Stock-to-Flow model. The Stock-to-Flow model is a widely followed model that correlates Bitcoinâs scarcity with its price. Despite Bitcoin closing the month slightly below $60,000, he notes that it is still up 36% year-to-date. He emphasizes the significance of the current month being the last âBlue Dotâ before the next halving, indicating that historically, Bitcoinâs price has been in line with the Stock-to-Flow model at this point in the halving cycle. The analyst also highlights that while the average Bitcoin price is currently below the original prediction of $55,000, it is still within the same order of magnitude.
PlanBâs Prediction for 2024
Drawing on the Stock-to-Flow (S2F) model, PlanB suggests that Bitcoinâs price could soar to unprecedented levels, surpassing $100,000 and reaching as high as $500,000 by 2028. This forecast is based on the need for mining revenue to recover within four to eight months after halving. With a price of $60,000, he believes $100,000 is achievable this year.
PlanBâs Prediction for 2025
PlanB predicts a bull market peak in 2025. He examines decreasing returns and whether Bitcoinâs price will rise gradually or exponentially. Despite disagreements, PlanB believes the Stock-to-Flow model is accurate and suggests exponential returns, especially given Bitcoinâs low adoption rate.
Other Bullish Indicators
In addition to the Stock-to-Flow model, PlanB examines other technical indicators such as the Relative Strength Index (RSI) and the 200-week moving average. The Relative Strength Index (RSI) has normalized, dropping from a high of 77 to 66 from previous halvings it suggests room for further price increases, particularly as the blue dots transition to red in the coming months. The 200-week moving average remains a conservative floor, indicating potential support levels in bull markets.
Future Call?
Despite short-term volatility with possible 20-30% dips, analysts like PlanB emphasize patience and a long-term perspective for investors, suggesting that the peak may not materialize until 2025.
In Short, the stage is set, the players are poised, and Bitcoinâs trajectory seems poised for an exhilarating journey ahead. Weâre excited. Are you?
Also Check Out : Why Are Investors Dumping Bitcoin? Hereâs Whatâs Next for BTC Price
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