Amid strong bullish momentum, the world’s largest cryptocurrency Bitcoin (BTC) has managed to breach past $70,000 levels as of press time, with analysts turning mega bullish going ahead. PlanB, author of the stock-to-flow model, predicts that the Bitcoin price can literally double in the next 3-5 months from here onwards.

PlanB – Bitcoin Hitting $150K By Year End

In his recent post on X, PlanB said that the Bitcoin miner revenue has already bottomed after the Bitcoin Halving 2024 event. Thus, he doesn’t expect any further Bitcoin miner capitulation thereby putting selling pressure on the BTC price.

PlanB also said that he expects the BTC price to double from here by the end of 2024, hitting the target of $150K.

Miner revenue bottomed after April 2024 halving.
I expect bitcoin price to double from today in 3-5 months. pic.twitter.com/JoiQ4jeE4I

— PlanB (@100trillionUSD) July 29, 2024

PlanB stated that he made his prediction based on the historical mining data as shown in his chart. the Bitcoin stock-to-flow (S2F) model measures the ratio between the circulating supply of Bitcoins and the annual issuance of new coins. In the past, the S2F model has given accurate predictions on several occasions.

One of the followers on X asked PlanB that some people are saying $140K to be the top for BTC. Responding to this, PlanB said:

“No I don’t agree with a 140k top and diminishing returns. IMO bitcoin will be ~$500k on average in 2024-2028 (as per S2F model).”

At the Bitcoin Conference over the last weekend, top lawmakers promoted BTC as a reserve asset. Former President Donald Trump said that Bitcoin is on the cusp of overtaking silver as an asset class, and it would overtake even Gold in the future.

JUST IN: Donald Trump says #Bitcoin will one day probably surpass the market cap of Gold.pic.twitter.com/GTAjuIQDZ1

— wallstreetbets (@wallstreetbets) July 27, 2024

Also Read: Satoshi-Era Bitcoin Holder Moves Entire BTC Holding, What’s Happening?

Key BTC Triggers Going Ahead

The spot Bitcoin ETFs have seen strong inflows in the past three weeks and analysts expect them to continue going further. Furthermore, all eyes will be on the US Fed meeting this week as the crypto market awaits additional stimulus in the form of rate cuts. However, 96% of investors believe that the Fed will keep the rates unchanged in August while 85% expect a 25 bps interest rate cut in September.

Also, as we approach the US elections, we can expect further volatility in the BTC price. PlanB is not alone in making a big BTC price target. As per data by Spot-on-Chain BTC will hit $100K by the year-end and $150K by the first half of 2025.

Also Read: Peter Schiff Decodes ‘Flawed’ Logic of Bitcoin Going to Millions Per Coin

The post Bitcoin Breaks $70,000, PlanB Predicts BTC To Hit $150K By Year-End appeared first on CoinGape.

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Filed under: News - @ July 29, 2024 1:58 pm