Analyst PlanB allows the possibility of the BTC rate to rise to $1 million
According to the expert, bitcoin expects “exponential growth for a couple more years”
08.01.2024 - 12:38
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The material is not an investment recommendation and is published for informational purposes only.
What’s new? Anonymous cryptocurrency analyst PlanB believes that shortly the value of bitcoin may reach a mark in the range of $100 000 to $1 million. He stated that he does not expect BTC to drop from the previous cycle, as the asset’s adoption is still low.
What else is known? PlanB clarified that he does not expect bitcoin’s returns to decline, as its adoption rate is only reaching 2-3%. According to the logistic S-curve and Metcalfe’s law, a decline in the asset’s profitability should not be expected as long as the adoption rate is below 50%. Thus, according to the analyst, BTC expects “exponential growth for a couple more years.”
PlanB is the author of the Stock to Flow (S2F) model for predicting the bitcoin exchange rate. It reflects the ratio of the available stock of the asset to its production. So, according to this model, the BTC exchange rate is now above the purchase price for most holders, which is a “hallmark signal of a bull market.”
In December 2023, former CEO of the crypto exchange BitMEX Arthur Hayes confirmed his previously repeatedly announced prediction that the bitcoin exchange rate will reach the mark of $1 million. The main reason he called the change in the policy of the US Central Bank.
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