The cryptocurrency sector is currently witnessing a fierce competition between bulls and bears, particularly when it comes to Bitcoin (BTC). Despite this ongoing struggle in the market, analysts continue to express their optimistic outlooks. One notable figure in the market, PlanB, has recently presented a significant prediction for the future of BTC.
Bitcoin Price Prediction
PlanB, a cryptocurrency analyst and creator of the stock-to-flow (S2F) model, made a post on May 7 outlining his prediction for the average Bitcoin price during the 2020-2024 halving period, estimating it to be $34,000. This forecast was slightly lower than his previous prediction of $55,000 in 2019.
In light of new data, PlanB updated the S2F model and projected that the average Bitcoin price for the 2024-2028 halving would be $500,000. Looking further ahead, he calculated that the Bitcoin price for the 2028-2032 halving period would reach $4 million.
Reviewing his previous statements, PlanB recently predicted that Bitcoin would surpass $100,000 in the second half of 2024. In April, the closing price for Bitcoin was slightly above $60,000, marking a 36% increase since the beginning of the year.
Professional cryptocurrency investors and analysts also suggest that a market peak could occur in 2025, with the potential for Bitcoin to reach a price level of $200,000.
BTC Price Analysis
As of the time of writing, the current BTC price stands at $62,471, reflecting a 1.19% decrease over the past 24 hours. Over the past seven days, there has been a 7.42% increase, but the monthly chart analysis from May 8 shows a 13.90% decrease.
Bitcoin’s market cap has fallen to $1.23 billion, representing a 2% decrease. The 24-hour trading volume for Bitcoin is $25 billion, experiencing only a 0.1% decrease. This volume indicates the market’s uncertainty, with sellers hesitant to sell and buyers cautious about making purchases.
On the other hand, the reluctance of sellers to short-sell under uncertain market conditions may also indicate their expectation of a market rise.
Please note that the information provided in this article is not investment advice. Investors must be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research.