NewsletterBitcoin Price Prediction For 2024 By S2F Model Creator PlanB
Bitcoin soared about 8% to above $45,900 to kick off 2024, the highest level since March 2022. A relentlessly climbing trading volume for stablecoins Tether (USDT) and FDUSD indicates massive demand. Ethereum (ETH) also gained more than 6% to hit a high of $2,431. Crypto analysts are extensively bullish on BTC price to reach $50,000.
Bitcoin Price Prediction By PlanB
Bitcoin stock-to-flow (S2F) model creator PlanB took to X (formerly Twitter) on January 1 to share his BTC price prediction for 2024. He said his recommendation for 2024 is similar to what he said a year ago when Bitcoin was trading near $20,000.
He said BTC price will rise in response to the April 2024 Bitcoin halving. The halving will happen at block height 840,000, which is expected to happen on April 23 as per the Bitcoin halving countdown.
The S2F model predicts BTC price at $55,000 near the Bitcoin halving and pump after the halving event. Historically, BTC price witnessed a massive rally after each Bitcoin halving event. After the last halving in Mat 2020, Bitcoin rallied over 1200% in a year.
He is confident that BTC price will hit $100k in 2024. Matrixport and Standard Chartered predicted BTC price to rally over $120k by the end of the year. The S2F model even targets BTC price reaching $1 million at the end of 2025.
Also Read: Binance Burns 5.57 Billion Terra Luna Classic, LUNC And USTC Prices Rise Over 7%
BTC Price Starts 2024 With a Bang
Crypto analyst Michael van de Poppe expects a continuation of the upside trend toward $48-51K. There is a potential resistance there, anticipating huge volatility during the spot Bitcoin ETF approval window between January 5-10.
Skew added that Bitcoin price stalling since selling started in spot market. He eyes previous highs of $44.4K as the area to buy the dip. Some traders believe the market consensus for a long rally due to Bitcoin ETF is correct, but a sudden upside move could be a trap.
Also Read: Crypto Market Rally — Here’s Why BTC, ETH, SOL, XRP, And Others Are Up Today
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Kevin Hassett Opens Door to Fed Chair Role as Markets Show 87% Odds of Third Rate Cut
- Elon Musk Says Bitcoin Is True Energy Currency as Peter Schiff Labels It ‘Fake Asset’
- Michael Saylor Hints Fresh Bitcoin Buy With “Green Dots” Tease
- Arthur Hayes Flags High Downside Risk in Tether’s Shift Toward Bitcoin and Gold Reserves
- Peter Schiff Predicts Bitcoin Decline Will Extend Into December as BTC Closes Out Red November
- Will Fusaka Upgrade Push Ethereum Price to New Highs?
- Bitcoin Price Poised for a $100k Run as Coinbase Premium Turns Positive
- XRP Price Prediction: Why XRP Could Rally to $3 This Week?
- Ethereum Price Prediction 2025: How High Can ETH Go by Year-End?
- CoinShares Withdraws Staked Solana ETF Proposal: What’s Next for Solana Price?
- XRP Price Forms Alarming Death Cross Amid Intense Whale Dumping
