Widely followed on-chain analyst PlanB says he’s confident that Bitcoin (BTC) will breach the six-figure mark this year.
On the social media platform X, the pseudonymous analyst reveals to his 1.9 million followers a set of forecasts for 2024, which he says haven’t changed since late 2022 during the depths of the bear market.
One of his predictions is that “we will hit $100k in 2024.”
“My forward guidance for 2024 has not changed from Oct 6, 2022 when Bitcoin was 20k (see below):
– rise into April 2024 halving
– halving around S2F model value 55k (range 30k-100k)
– pump after halving
– we will hit 100k in 2024
– S2F target value 532k average (range 250k-1m)”
PlanB is known for applying his own versions of the stock-to-flow (S2F) model, originally used on traditional commodities, to Bitcoin. Based on the S2F, PlanB says he’s anticipating that BTC will approach the half-million dollar mark at some point in the next several years, potentially 2025.
“Bitcoin 2023 close: $42,258. Up +156% from $16,528 in 2022. Ready for ETFs and halving in 2024!”
In 2021, PlanB expected a higher price than where Bitcoin ultimately topped out. While he admits his price models may have overshot the mark back then, the analyst says he’s still confident that over time, the general forecasts of the S2F models will play out, and BTC will see much higher prices in the coming years.
At time of writing, Bitcoin is trading at $45,110, up about 169% in the past year.
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