Bitcoin recently jumped to around the $70,000 mark, and PlanB, the creator of the stock-to-flow conversion model, predicts that the cryptocurrency will double in value in the next three to five months.
PlanB noted that #bitcoin miners' revenues have stabilized since the Bitcoin Harvesting 2024 event, making it less likely that miners will capitulate and subsequent selling pressure will follow. He expects bitcoin to reach the $150,000 mark by the end of 2024.
PlanB's forecasts are based on historical #mining data and a model of the ratio of bitcoin reserves to annual bitcoin #issuance . When asked by a subscriber about the possibility of bitcoin reaching the $140,000 mark, PlanB said it would happen between 2024 and 2028. She disagreed, suggesting that bitcoin could average $500,000 between 2024 and 2028. The upcoming Federal Reserve meeting will be a key event for the #cryptocurrency market: many investors expect interest rates to remain unchanged in August and possibly be cut by 25 basis points in September.
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