Coinspeaker PlanB Issues Bold Bitcoin (BTC) Price Prediction for 2024-2028
Popular Bitcoin (BTC) proponent alias PlanB, who created the stock-to-flow (S2F) model, has issued a bold prediction for the coming few years. The crypto analyst based his Bitcoin price predictions based on the power law combined with the S2F model.
According to PlanB, Bitcoin price will close this year trading around $150K, which coincides with the exponential returns.
The crypto analyst further noted that Bitcoin price will reach $800K in his best scenario by the end of 2025. After which the crypto analyst expects Bitcoin price to get trapped in a bearish outlook until 2028.
Specifically, PlanB believes Bitcoin price will close 2026 trading around $0.4 million, in 2027 around $300K, and about $0.4 million in 2028.
Previously, the crypto analyst had pointed out that power law, which emphasizes diminishing returns, has signaled a Bitcoin top at around $210K and a bottom of at least $70K.
On the other hand, the crypto analyst has indicated that the S2F model indicated a top of at least $500K and a bottom of over $100K.
However, the crypto analyst indicated that the figures are set to constant change depending on the actual price action in the coming months.
I like and use both Power Law and S2F. Both are just curve fits (charts below). Data supports both (high R2), but that will change: Power Law = diminishing returns ($210k top, <$70k bottom), S2F = exponential returns (>$500k top, >$100k bottom). No need to debate, time will tell pic.twitter.com/2m5lOFWT6Z
— PlanB (@100trillionUSD) June 7, 2024
Bitcoin (BTC) Demand on the Rise
The overall demand for Bitcoin has remained relatively high in the past few weeks fueled by notable cash inflows to spot BTC ETFs. As Coinspeaker noted, the spot Bitcoin ETFs from the United States alone have accumulated more than two months of miners’ market supply.
Already, Bitcoin supply on centralized exchanges has reached multi-year lows, indicating heightened demand.
According to on-chain data analysis from Glassnode, approximately 22,647 BTCs, worth over $1.57 billion, were withdrawn from centralized exchanges last week.
The recent approval of spot Bitcoin ETFs in Hong Kong, Thailand, and Australia has significantly improved the overall Bitcoin sentiments. Furthermore, the crypto regulatory landscape in major jurisdictions led by the European market, India, and the United States has signaled the inevitable mainstream adoption of digital assets and Web3 products.
Midterm BTC Price Targets
As Coinspeaker reported, Bitcoin price is aiming for $83K next after it successfully breaks out of the resistance level between $72K and $74K. According to a popular crypto analyst Ali Martinez, Bitcoin price has established a strong support zone between $69,380 and $67,350, where 1.97 million addresses acquired around 964K BTCs.
Bitcoin price action has significantly impacted the entire altcoin industry, indicating high correlation. The Bitcoin dominance on the weekly time chart suggests a market reversal is on the horizon, backed by a bearish divergence on the Relative Strength Index (RSI).
A reversal in Bitcoin dominance and the ETH/BTC pair will trigger the much-anticipated altseason.
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PlanB Issues Bold Bitcoin (BTC) Price Prediction for 2024-2028