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Highlights
- Bitcoin price is on rampage, prompting a new comment from PlanB
- According to PlanB, Bitcoin price could hit $500,000 by 2025
- Bitcoin halving was cited as one major catalyst that can drive the price forward
Quite a number of crypto analysts and experts are very optimistic about Bitcoin’s (BTC) price tenacity to push through to unprecedented levels in a matter of time. The latest is a $500,000 prediction by a known Bitcoin proponent and market trader PlanB.
PlanB Projects $500,000 Bitcoin Price ATH
Known as the founder of Stock-2-Flow (S2F) model, PlanB took to the ‘free speech’ social media app X to outline his thoughts on the future outlook of flagship cryptocurrency.
At first, he highlighted his consistency in terms of offering guidance on Bitcoin price and market sentiment. PlanB highlighted a post from October 2022 where he stated that the 2024 Bitcoin halving event would result in scarcity, triggering the price of the coin. To emphasize his point, he referenced the 2012, 2016, and 2020 previous Bitcoin halving years that came with a price surge.
PlanB does not think 2024 will be any different from these historic years. Based on his latest prediction, Bitcoin is likely to climb to $100,000 before the end of this year with an even bigger price surge of $500,000 by 2025.
My forward guidance for 2024 and2025 has not changed since Oct 2022 (when bitcoin was below 20k!):
✅ rise into April 2024 halving
✅ halving around S2F model value $55k
✅ pump after halving
❔ 2024: BTC crosses $100k
❔ 2025: reach S2F target $0.5m (range $0.25m-$1m) https://t.co/Neet5BQ90W— PlanB (@100trillionUSD) June 5, 2024
The crypto enthusiast listed a couple of events including Bitcoin halving and the 2025 price jump of Bitcoin, reflecting his positivity on Bitcoin’s future. Of the five items that he featured on his list, PlanB ticked the rise into April 2024 halving, halving around Stock-to-flow (S2F) Model value of $55,000 and the pump after halving, suggesting that they have been completed.
Bitcoin on its Way to Achieve $100K
The next milestone to hit, according to PlanB’s insight, is getting Bitcoin to $100,000 this year.
This feat may not prove difficult for Bitcoin considering that it currently faces almost no resistance in its quest to reach a new all-time high (ATH). IntoTheBlock data suggests that the coin has found support between $68,730 and $70,833. Riding on this, Bitcoin price is headed to $80,000 by the end of June and to $100,000 at year-end.
This speculation supports an earlier position taken by Galaxy Digital CEO Mike Novogratz on the matter of Bitcoin price. Novogratz explained that if the price of the asset soars to $73,000 next week, it can rally to $100,000 toward the end of the year.
While the journey to achieving $100,000 may be closer than expected, PlanB’s $500,000 prediction seem like a lofty height for Bitcoin to achieve in a matter of a few months. It happens to be one of the highest Bitcoin price predictions in the last few weeks.
At the time of writing, the coin is priced for $70,843.97, up by 1.88% in 24 hours.
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