Bitcoin recently surged to around $70,000, with PlanB, the creator of the stock-to-flow model, predicting the cryptocurrency could double its value in the next 3-5 months.
PlanB mentioned that Bitcoin miner revenue has stabilized since the Bitcoin Halving 2024 event, reducing the likelihood of miner capitulation and subsequent selling pressure. He expects Bitcoin to reach $150,000 by the end of 2024.
PlanB’s forecast is based on historical mining data and his stock-to-flow model, which evaluates the ratio between Bitcoin’s circulating supply and its annual issuance. Responding to a follower’s query about Bitcoin potentially topping at $140,000, PlanB disagreed, suggesting instead that Bitcoin could average $500,000 between 2024 and 2028.
Miner revenue bottomed after April 2024 halving.
I expect bitcoin price to double from today in 3-5 months. pic.twitter.com/JoiQ4jeE4I— PlanB (@100trillionUSD) July 29, 2024
Bitcoin ETFs have seen significant inflows over the past three weeks, with analysts expecting this trend to continue. The upcoming US Federal Reserve meeting is anticipated to be a key event for the crypto market, though most investors expect rates to remain unchanged in August, with a possible 25 bps cut in September.
As the US elections approach, further volatility in Bitcoin’s price is expected. PlanB’s predictions are echoed by Spot-on-Chain, which forecasts Bitcoin reaching $100,000 by the end of the year and $150,000 by mid-2025.
Metaplanet is aggressively expanding its Bitcoin holdings through an unconventional $5.4 billion capital raise, positioning itself as a leading BTC proxy in Asia.
BlueBird Mining Ventures, a London-listed firm traditionally focused on gold, is making headlines after announcing it will liquidate its gold reserves and begin accumulating Bitcoin as a treasury asset.
Bitcoin tumbled sharply today, shedding more than 3.5% in a matter of hours and briefly flirting with the critical $100,000 level.
Bitcoin is treading water near $105,000, but pressure is building on both sides of the trade as macro forces tighten.