PlanB analyst calls the current bitcoin price a “steal”
The expert expects the rally of the first cryptocurrency in 2024
08.12.2022 - 11:15
588
2 min
0
The material is not an investment recommendation and is published for information purposes only.
The popular quantitative analyst PlanB is doubling down on his forecast of a massive rally for Bitcoin (BTC).
In a new interview with crypto analyst Scott Melker, PlanB says Bitcoin could soar more than 5,800% based on the stock-to-flow model he is well-known for.
The stock-to-flow model predicts an asset’s value changes by comparing its current price to the rate at which its supply is mined. Bitcoin’s supply will become squeezed with the next halving event scheduled in 2024.
“If we assume that the old model, the original 2019 model is correct, the $55,000 model, then the next halving could lead to prices somewhere — and I’m making a very wide range, some people don’t like it — but somewhere between $100,000 and a $1 million.”
PlanB says he is confident of the forecast unless his model is proven invalid or “Bitcoin dies.”
At time of writing, Bitcoin is changing hands at $16,841. A price rally to $100,000 would increase the top digital asset’s current value by 494%. To reach $1 million, Bitcoin would need to increase in price by 5,837%.
“I have no doubt whatsoever that we go to that $100,000-$1 million range, and no matter how you look at it, the current price is a steal if that’s what you believe. So yeah, I’m very optimistic.”
In the near term, PlanB previously said that a Bitcoin bottom could form sometime within the next three months. He said Bitcoin typically reaches a bear market low about 18 months after hitting a record-high price.
This material is taken from the website dailyhodl.com.
Useful material?
Telegram 
Twitter Market
According to the founder of TRON, the leading US crypto exchange asked for several hundred million dollars for the listing of TRX
Nov 4, 2024
Incidents
The company conducted fictitious trading for six years to inflate the trading volume of tokens of several companies, receiving payment for these services
Nov 1, 2024
Market
1,5 million addresses have already left applications
Oct 31, 2024
Business
The company began investing in bitcoin in 2020, and since then, the value of its securities has risen by 1700%
Oct 30, 2024
Mining
The Deputy Energy Minister explained that in deficit regions, it is impossible to allocate large capacities for industry enterprises until 2030
Oct 30, 2024
Market
Customers will also be able to withdraw funds to bank accounts using cards
Oct 30, 2024
Cryptocurrency rates
-
Bitcoin
$71 225
BTC
+5.6%
-
Ethereum
$2 490.3
ETH
+4.67%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$0.521096
XRP
+3.95%
-
Dogecoin
$0.182284
DOGE
+13.09%
-
Cardano
$0.34165
ADA
+4.69%
-
Bitcoin Cash
$350.42
BCH
+7.1%
-
Polkadot
$3.95
DOT
+5.24%
-
Litecoin
$67.16
LTC
+2.47%
-
Stellar XLM
$0.094662
XLM
+4.29%