The Bitcoin (BTC) price appears to be on the brink of consolidation & expected to face a minor rejection in the short term. The rejection may enable the price to form new lows for the current bearish cycle which may further trigger a massive rebound. That said, the possibility of closing the yearly trade on a bullish note emerges, if the bulls jump in at the right time.
Meanwhile, a popular crypto analyst, Plan B in an interview with Scott Melker says Bitcoin could soar more than 5000% based on the stock-to-flow model. The Stock-to-flow model speculates the asset’s value changes by comparing its current price to the rate at which its supply is mined.
As the next halving is scheduled in April 2024, the supply is presumed to be squeezed until then.
“If we assume that the old model, the original 2019 model is correct, the $55,000 model, then the next halving could lead to prices somewhere– and I’m making a very wide range, some people don’t like it–but somewhere between $100,000 and a $1 million.”
Moreover, the analyst, PlanB says that he is still confident of his $100K claim unless and until the model is proven invalid or until BTC dies.
Presently, the Bitcoin (BTC) price is trading at around $16,829.39 with a change of +0.1% compared to the past 24 hours. Further to reach the desired target of around $100K, the BTC price is required to rise by 5,837%.
“I have no doubt whatsoever that we go to that $100,000-$1 million range, and no matter how you look at it, the current price is a steal if that’s what you believe. So yeah, I’m very optimistic,”