Cryptocurrency

Bitcoin’s (BTC) price won’t drop below $35,000 again, according to PlanB, a popular crypto analyst.

Bitcoin (BTC) Price Prediction: Will It Ever Drop Below $35K Again?

Stock-2-Flow Model Creator PlanB Makes a Bold Prediction

PlanB, the creator of the Stock-2-Flow (S2F) model, recently made a striking prediction about Bitcoin’s price. According to him, the cryptocurrency will never dip below the $35,000 mark again. This assertion has sparked a lot of debate within the crypto community.

Hashrate Analysis and Bitcoin’s Valuation

PlanB presented a detailed analysis of Bitcoin’s valuation, emphasizing the correlation between its price and hashrate. He argued that the cryptocurrency’s value has surged and is unlikely to retrace below the $35,000 support level. This bold claim has raised eyebrows and garnered attention from investors and analysts alike.

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Arbitrage and Bitcoin Miners

Furthermore, PlanB delved into the concept of arbitrage between Bitcoin miners and users. He highlighted the potential deepening of this arbitrage with the introduction of ETFs, suggesting that miners could capitalize on their unique market knowledge. This insight has added a new layer to the ongoing discussions about the future of Bitcoin.

PlanB’s Market Projections

As the creator of the widely used Stock-2-Flow model, PlanB’s market projections hold significant weight. He firmly believes that a Bitcoin price of $100,000 is a conservative estimate and has been vocal about the cryptocurrency’s potential to reach unprecedented highs in the near future.

Current Bitcoin Market Outlook

At present, Bitcoin is trading at $37,106.80, experiencing a slight downturn. Despite this, it remains a considerable distance from the $35,000 level, validating PlanB’s predictions. The anticipation of a Bitcoin ETF approval by the SEC has added a new dimension to the market, fueling bullish forecasts for the cryptocurrency’s future.

Bitcoin’s Future and Market Resilience

The expectations surrounding a potential Bitcoin ETF approval have injected optimism into the market, with experts projecting the cryptocurrency’s price to soar beyond $600,000. This development has sparked excitement and curiosity among investors and enthusiasts, shaping the narrative of Bitcoin’s future trajectory.

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