Bitcoin (BTC) Price Prediction by PlanB: Never Below $35,000 Again
Stock-2-flow (S2F) model creator PlanB has made a bold prediction about the future price of Bitcoin (BTC). According to PlanB, the cryptocurrency’s price will never drop below the $35,000 mark.
PlanB backed up his prediction with a comprehensive chart that shows Bitcoin’s increasing valuation based on its inherent hashrate. He also mentioned that, in his opinion, the premier asset market value will not fall below the $35,000 support, considering possible black swans or short-term volatility, and based on $/kWh-arbitrage fundamentals.
Additionally, PlanB highlighted the arbitrage between Bitcoin miners buying the asset with electricity and users buying with cash on exchanges. He believes that this arbitrage might deepen with the introduction of an ETF, with miners potentially charging a premium for the cryptocurrency based on their unique knowledge of the market.
PlanB’s Bitcoin Price Projections
As the creator of the widely used Stock-2-flow model, PlanB is known for his bullish outlook on Bitcoin and other assets. He has expressed his belief that a Bitcoin price of $100,000 is a conservative estimate for the digital currency. Furthermore, he has been vocal about his prediction that Bitcoin will trade between the $65,000 and $524,000 range in the near future.
Current Bitcoin Market Status
PlanB’s prediction comes at a time when the market is experiencing a bearish trend. Bitcoin’s current price is $37,106.80, reflecting a 1.07% decrease in the past 24 hours. Despite this downtrend, the asset’s price still seems distant from falling to the $35,000 level, supporting PlanB’s predictions. Additionally, the anticipation of a Bitcoin spot Exchange Traded Fund (ETF) approval by the United States Securities and Exchange Commission (SEC) has led to bullish forecasts for BTC, including its potential to surpass $600,000, according to Ark Invest’s Cathie Wood.
This article was originally published on U.Today.
