It is inevitable that the price of bitcoin will surpass USD 100k this year, according to an expert.
"In my opinion, it is inevitable that the price of bitcoin will reach $100,000 this year," said PlanB, cryptocurrency expert and specialist at the Quant Analyst firm.
According to the analyst, miners' income has to be recovered: "Normally, in the last three halvings, they were recovered within a period of four to eight months. So that would be during 2024. And the only way for mining income to be recover is for the price to double. So estimating from the current price of $60,000, we should be well above $100,000 this year."
PlanB also claims that its stock-to-flow model, which compares the amount of a commodity in circulation divided by the amount produced each year, suggests that $BTC will reach a target price of $500,000 over the next four years.
"I have updated the stock-to-flow model, the parameters have not changed much. The target for 2024-2028 is still around $500,000 on average," PlanB said.
Source: Crypto247
