PlanB: When Will Bitcoin (BTC) Price Cross $500K?
Recovering from the recent crash, Bitcoin (BTC) prices are finally printing green indexes. BTC is up by 2% in the past 24 hours to hold on to its crucial $30K price level. Meanwhile, PlanB, creator of the Stock to Flow (S2F) model, asked crypto enthusiasts about what they think Bitcoin price can reach in the next 5 years.
Majority believes BTC will Stay below $500K
Over 134K Twitter users took part in the poll. Interestingly, the data depicts that 81% of the cumulative voters believe that BTC prices will remain under $500K in the next 5 years. However, the rest of the 19% thinks that Bitcoin prices can breach the $500k price levee but will trade under the $1 million mark.
However, the PlanB’s S2F model has predicted Bitcoin’s price to rise above the $500 level after 2024 halving. He mentioned that poll results match the sentiments of March 2019. At that time, BTC was trading below the $4k price level. Most people thought that the S2F prediction of breaching the $55 level after 2020 halving was not possible.
Earlier, he highlighted that the original 2019 $55K S2F model fits better than BTC reaching a $100k update. However, after including the data for the past 3 years, the original model stands right. Meanwhile, he added that $100K was actually too high but the model still points to BTC reaching $500K is still on.
BTC needs to hold 32K price level
Bitcoin is trading at an average price of $30,311, at the press time. BTC prices have decreased by around 30% over the past 60 days due to certain geopolitical tensions and rising regulatory risks. Meanwhile, its 24 hour trading volume has surged by 50% to stand at $25.23 Billion.
However, Michaël van de Poppe, Founder of Eight Global, mentioned that BTC has to remain above the 30K price level in order to avoid another sharp drop. If Bitcoin stays above this level then it might go on to touch $32.8k.
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