PlanB Bitcoin Price Forecast for 2024: Analyst Maintains Predictions Despite Market Fluctuations
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.*
My forward guidance for 2024 has not changed from Oct 6, 2022 when bitcoin was 20k (see below):
– rise into April 2024 halving
– halving around S2F model value 55k (range 30k-100k)
– pump after halving
– we will hit 100k in 2024
– S2F target value 532k average (range 250k-1m) https://t.co/Neet5BQ90W— PlanB (@100trillionUSD) January 2, 2024
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.
