PlanB Bitcoin Prediction May 2024: Analyst Sets BTC Target to $100,000 by Year-End

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 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 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 we’re in a solid position, with $60,000 serving as a robust support level.

Here’s what he has to say.

Bitcoin to Hit New ATH in May? PlanB Weighs In

PlanB supports his prediction with in-depth analysis, tying Bitcoin’s value to its Stock-to-Flow model. The Stock-to-Flow model is a widely followed model that correlates Bitcoin’s 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 “Blue Dot” before the next halving, indicating that historically, Bitcoin’s 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.

PlanB’s Prediction for 2024

Drawing on the Stock-to-Flow (S2F) model, PlanB suggests that Bitcoin’s 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.

PlanB’s Prediction for 2025

PlanB predicts a bull market peak in 2025. He examines decreasing returns and whether Bitcoin’s price will rise gradually or exponentially. Despite disagreements, PlanB believes the Stock-to-Flow model is accurate and suggests exponential returns, especially given Bitcoin’s 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 Bitcoin’s trajectory seems poised for an exhilarating journey ahead. We’re excited. Are you?

Also Check Out : Why Are Investors Dumping Bitcoin? Here’s What’s Next for BTC Price