Cryptocurrency analyst PlanB has made a bold prediction that Bitcoin will reach $100,000 by the end of this year. Despite the current bearish sentiments surrounding the flagship cryptocurrency, PlanB remains confident in his analysis. In a recent video on his YouTube channel, he stated that he believes Bitcoin hitting $100,000 is “inevitable.” Not only that, but he also suggested that $100,000 could just be the beginning of Bitcoin’s price surge in this market cycle.
One of the factors that PlanB highlighted in his analysis is the Bitcoin stock-to-flow (STF) indicator. According to him, the STF indicator points to an average price level of $500,000 for Bitcoin. However, he was quick to point out that this does not mean Bitcoin’s price will skyrocket overnight to $500,000. Instead, he believes that the peak for Bitcoin’s price will not be reached until 2025. PlanB even went as far as to say that Bitcoin could potentially reach $1 million from an STF perspective.
PlanB is not alone in his bullish outlook on Bitcoin’s price. Samson Mow, the CEO of Jan3, has also predicted that Bitcoin could hit $1 million. However, Mow has a different timeline in mind as he believes such a significant price surge could occur as soon as this year. Mow attributes this potential surge to the imbalance between Bitcoin’s supply and demand, especially after the Bitcoin Halving event.
Despite the optimistic predictions, both PlanB and Samson Mow have warned investors about the volatility in the market. PlanB cautioned Bitcoin holders to expect multiple big dips, ranging from -20% to -30%, during this bull market. He emphasized that these fluctuations are normal and advised investors not to panic during such periods. This sentiment is echoed by Alex Thorn, Head of Research at Galaxy Digital, who highlighted the presence of significant price corrections even in bull markets.
As of the time of writing, Bitcoin is trading at around $66,000, showing a decline in the last 24 hours. This current price level is far from the projected $100,000 or $1 million figures discussed by PlanB and Samson Mow. It is essential for investors to remain cautious and conduct their own research before making any investment decisions in such a volatile market.
While the predictions of Bitcoin reaching $100,000 or even $1 million are certainly exciting, it is crucial to approach them with a level-headed perspective. The cryptocurrency market is known for its unpredictability and extreme price fluctuations, so investors should be prepared for any scenario. As always, conducting thorough research and staying informed about the market trends are key to making sound investment decisions.
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