Renowned analyst and author of the Stock-2-Flow (S2F) model, PlanB has made bullish predictions on the world’s largest cryptocurrency, Bitcoin. PlanB’s bold statement comes amid persistent price fluctuations for Bitcoin in the past couple of weeks.
Historical patterns back PlanB’s prediction
However, in an X post, PlanB maintains that Bitcoin has reached a point where it will significantly increase in price. According to him, the digital asset can soar between seven and ten times its current worth now.
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If this price projection comes to pass, Bitcoin will be between $414,000 and $593,000. Notably, PlanB’s price prediction relies on historical patterns rather than random figures plucked from the air.
An analysis of Bitcoin’s 200-week Moving Average shows a consistent price leap pattern of a 4x jump followed by a 7x or 10x leap. Interestingly, the chart reveals that the price has climbed approximately four times from the bottom between 2022 and now.
Bitcoin increased 4x from the bottom in 2022 to now.Historically 7-10x follows from here.What do you think bitcoin will do next 12 months? pic.twitter.com/WtyO0u5RHn
— PlanB (@100trillionUSD) August 21, 2024
Therefore, based on historical trends, the next leap might push Bitcoin to $414,000, or as high as $593,000 by August 2025.
Industry reactions optimistic
Diverse reactions by industry stakeholders have trailed this bold forecast hinted by PlanB. A few consider the figures high, particularly the 10x prediction, favoring a more conservative figure between $120,000 and $160,000. Others forecast $700,000 as the next peak for BTC.
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A common denominator is investors' bullish sentiment toward the world’s largest crypto asset. PlanB’s prediction aligns with previous positive sentiments by other notable analysts, who anticipate a massive run for Bitcoin once it overcomes the current resistance of $70,000.
At the time of writing, data shows Bitcoin down by 1.17% and trading at $59,585.60. With sustained interest in spot Bitcoin ETF products, the demand channel for the coin is high. Many believe its growth is only a matter of time now.
