Bitcoin (BTC) Could Reach $32,000 In 2024 Halving As It Now Is In Bottom
- Analyst PlanB who is most known for his stock-to-flow Bitcoin model said that Bitcoin has reached the bottom while it is getting stronger and halving is coming.
- He believes the king cryptocurrency will reach $32,000 in the run-up to next year’s halving event when supply will be reduced.
After a good start to the year, prominent quantitative analyst PlanB who is most known for his stock-to-flow Bitcoin model, which forecasts asset value changes by comparing the current price to the pace at which supply is supplied, is upgrading his prognosis on BTC.
PlanB recently tweeted that Bitcoin has reached the bottom while it is getting stronger and halving is coming.
PlanB also stated that the concept collapsed late last year when BTC fell below $16,000. However, he claims that the stock-to-flow paradigm has not changed and that a startling price explosion to $1 million is now achievable by the end of 2025.
He believes the king cryptocurrency will reach $32,000 in the run-up to next year’s halving event when supply will be reduced. Furthermore, the analyst believes BTC will surpass the $100,000 mark in 2025 when it might reach seven digits.
BTC bottom is in, 2024 halving > $32,000, 2025 bull market > $100,000, the scenario could look like this. Note the $100,000-$1,000,000 yellow range estimate for 2025.
PlanB is also opposing a group of analysts who believe the early-year rally is a bull trap. He informs in a new strategy session video that the bull market has begun.
At the time of writing, Bitcoin is trading for $23,343, down about 1.6% from its weekly high of $24,229.
Coincu reported Marathon Digital one of the biggest publicly traded bitcoin miners sold 1,500 bitcoin in January to profit from the recent upswing in the cryptocurrency market. By selling part of its bitcoin the bitcoin mining firm is able to pay for some operating costs and for other business needs.
On the same day, Santiment reported Fantom is Up +164% thus far on the year, the dormant coin movement and rising whale transactions are good long-term signs.
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