Bitcoin could reach $288K or even higher in the current cycle, says PlanB – With over 25 years of experience in institutional investing, PlanB migrated his skills to the world of cryptocurrencies and created Bitcoin’s famous Stock-to-Flow price prediction model.
The Wolf Of All Streets made a recent tweet on Twitter that PlanB has been nailing ‘Bitcoin price predictions like a sniper’.
According to PlanB, top crypto Bitcoin could reach $288K or even higher during the current cycle. Moreover, PlanB believes the leading cryptocurrency is more likely to hit $250K or $300K than to plateau at around $100K during this cycle due to its confidence in the model.
Bitcoin Will Hit $288,000 Soon
The Bitcoin hodlers had always expected a 5x increase in the price of BTC, fortunately, the time came with a massive upward trend like never before. For newbies, this is definitely the best time of their lives and the excitement cannot be contained.
Further, PlanB explains that the stock to flow model and stock to flow x model both actually delivered but they are not yet at the end of the cycle. In addition, PlanB explains that Bitcoin still has more growth to attain and it may even go up to $100,000 or $288,000 on average. In fact, PlanB adds that he also looks at on-chain data and uses his own unchain indicators.
Aside from all this, the unchained data is a treasure for making signals and picking up patterns. On looking into the unchained data, it is very clear that we were somewhere halfway with a shortage in coins built up until a level that was exactly half of the levels and the shortage levels in 2017 and 2013. This makes PlanB pretty sure that they have not seen the top yet.
Bitcoin’s Next Stop After 288K
Mostly, PlanB prefers stock to flow x model. This model has been exceptionally accurate. Are you wondering where the BTC price will go after 288K? More likely BTC price might go to 250K or 300K levels than 100K.
According to CoinMarketCap, the BTC price is trading $47,995.24 with a 24-hour trading volume of $29,771,599,192, at the time of writing.
BTC/USDT Price Chart (Source: TradingView)
The Bitcoin price is now nearly at 50K, which is 5x from 10K, so the jump to 100K is so small compared to what it already has. Hence, another 5x takes us right to $288,000, which is an average. In order to have that average, over the four-year period, we could see the BTC price move far above that.
Right now, the BTC price is far below this level. PlanB thinks if this scenario plays out that we could see the prices at $400K, $500K. After this price surge, a bear market could go as low as maybe $100K to $200 again. The price might even move to $80K to $90K or $80K to $85K retracement like previous cycles.
PlanB also touched on the number of coins lost. Approximately over 3 million coins were lost and the first 1 million are Satoshi’s coins. PlanB calculated the stock to flow model with that and also estimated a stock control model without any adjustment for lost coins. This is basically the parameters change but the outcome stays the same.
PlanB was asked when Bitcoin will hit the balance sheets of these central banks. He explains that this could happen by 2024, 2028. He added that it would be such a logical thing to do for countries that already have monetary bases.
Furthermore, stores of value have a limited supply, which makes them valuable. That is the reason Bitcoin makes for a good store of value. Since the top crypto is capped at 21 million coins, there is a short supply. Due to this, analysts predict that bitcoin will gain in price as the demand for the crypto increases.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.
