Bitcoin Predicted to Double by the End of 2024 – Here is Why
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
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How Will a Fed Rate Cut Affect Bitcoin’s Prices – Expert Weighs inBitcoin 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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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