We at Eknowl are thrilled to share with you the latest prediction by PlanB, a renowned crypto analyst, who has accurately predicted Bitcoin’s price movements in the past.
According to PlanB’s latest model, Bitcoin’s price is expected to trade between $100,000 and $1 million in 2024, with the most likely scenario being a price of $288,000.
This is a significant increase from Bitcoin’s current price of around $50,000.
The Current State of the Cryptocurrency Market
The realm of cryptocurrencies in February of 2023 has propelled itself to a towering market capitalization of a whopping $1 trillion, causing the entire financial sphere to turn their heads in wonder.
The market is being led by the digital asset, Bitcoin, which boasts a gargantuan market capitalization of over $400 billion, an astounding number.
Other popular cryptocurrencies such as Ethereum, Binance Coin, and Cardano have also enjoyed a considerable boost in growth, rocketing up the charts and shattering all expectations.
As if that wasn’t enough, the market is inundated with new coins and tokens appearing regularly, shaking things up and causing a ripple effect in the crypto community.
The cryptocurrency market is infamous for its volatility, with prices jumping up and plummeting down at breakneck speeds, often causing investors to become dizzy with confusion.
Despite this, Bitcoin has proven itself to be a warrior, fighting through market crashes with grit and determination, coming out the other end stronger and more resilient than ever.
In 2021, Bitcoin even managed to reach an all-time high of over $69,000, which sent the market into a frenzy of excitement.
Sadly, this rise was short-lived, as a significant correction later in the year plunged the value of Bitcoin.
However, the digital asset has since managed to regain some of its lost value and is currently trading at around $24,000, leaving many investors in awe of its unpredictability.
PlanB’s Model and its Accuracy
PlanB’s model, called the Stock-to-Flow (S2F) model, is based on the relationship between Bitcoin’s scarcity and its value.
The model has been widely praised for its accuracy in predicting Bitcoin’s price movements, especially during the 2020-2021 bull run.
PlanB’s model has also been successful in predicting the price of other assets, such as gold and silver.
The S2F model measures the stock-to-flow ratio, which is the amount of an asset held in reserves divided by the amount produced annually.
The higher the ratio, the scarcer the asset is, and the more valuable it becomes. Bitcoin’s S2F ratio is expected to increase significantly in the coming years due to the upcoming halving events, which will reduce the supply of newly minted Bitcoins.
PlanB’s model predicts that Bitcoin’s price will continue to follow its historical trend of exponential growth, with each cycle reaching a higher peak than the previous one.
The model also suggests that Bitcoin’s price will reach $100,000 by the end of 2021, which has almost come true, giving more credibility to PlanB’s prediction for 2024.
Factors Driving Bitcoin’s Price Growth
Both fundamental and technical variables are boosting Bitcoin’s price. Fundamentally, Bitcoin is becoming more and more accepted as a reliable store of value and insurance against inflation, particularly in the aftermath of enormous money creation by central banks throughout the world.
Bitcoin’s legitimacy as an asset class is growing as more significant institutional investors and businesses begin to make investments in it.
From a technological perspective, Bitcoin’s limited supply and growing use as a payment method is also causing its price to rise.
More than 18 million of the 21 million total Bitcoins that can be mined have already been produced. Due to its rarity, Bitcoin is a desirable asset for investors seeking a store of value and a hedge against inflation.
Outlook for Bitcoin in 2024
It is quite expected that Bitcoin’s price will continue to climb in the upcoming years, hitting between $100,000 and $1 million in 2024 based on PlanB’s model and the current market patterns.
Other cryptocurrency analysts who have made comparable forecasts based on other models concur with this view.
It is crucial to remember that market volatility and a number of other variables might affect the price of Bitcoin.
Consequently, it is always advised to buy in Bitcoin and other cryptocurrencies cautiously and after doing an extensive study.
In conclusion, we at Eknowl are encouraged by PlanB’s most recent forecast for the price of Bitcoin and are optimistic about the future of this digital asset.
According to the S2F model, Bitcoin’s price is predicted to range between $100,000 and $1 million in 2024, with a price of $288,000 being the most likely outcome.
Bitcoin is a desirable asset for investors searching for a store of value and an inflation hedge because of the fundamental and technical elements that are driving its price increase.
Bear in mind, though, that there are dangers involved with investing in Bitcoin and other cryptocurrencies, so proceed with caution.