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Quant analyst PlanB predicts Bitcoin’s bullish trend can reach $100,000 before 2024 to recover miners’ revenue losses due to the recent halving event.
Renowned YouTuber PlanB has given remarkable predictions for Bitcoin (BTC) and says that BTC may reach six figures before 2024 ends. Quant Analyst ‘PlanB’ predicted that BTC will surpass $100,000 in value this year.
Quant Analyst PlanB’s Bitcoin Price Target For 2024 & 2025
According to Quant Analyst PlanB, a popular cryptocurrency analyst, BTC will reach $100,000 in 2024 due to the recovery of mining revenue after the halving. PlanB released a video on YouTube to tell its 157,000 YouTube subscribers about BTC’s performance.
Bitcoin Stock-to-Flow Model (S2F) I Source: PlanB
Additionally, his stock-to-flow model suggests that Bitcoin will hit a price target of $500,000 within the next four years. The analyst believes that the top of the Bitcoin bull market will be in 2025 and that there will be exponential returns until at least 50% adoption.
In continuation, PlanB also explained the BTC market cycle in detail.
“According to the market cycle, the year 2024 would be a bull run for BTC if it follows the previous pattern”, added PlanB.
Bitcoin Market Cycle I Source: PlanB
After each halving event, the BTC market cycle recalls itself. In 2016, after accumulation, a sudden surge was experienced in the BTC price, hitting $17,500 by the end of 2017.
In the same way, after gaining a huge accumulation, BTC has entered its bullish zone and will remain the same till 2025. The red dots in the chart indicate the beginning of the bull run.
Willy Woo’s Bitcoin Adoption Study Displaying Bullishness
Willy Woo, Bitcoin analyst and Co-founder of CMCC Crest took on X to communicate with his 1.1 million followers about BTC adoption. BTC is at 4.7% world adoption, the same as in January 1999 for Internet Adoption, Woo tweeted.
#Bitcoin is at 4.7% world adoption, this is the same as Jan 1999 for Internet Adoption.
— Willy Woo (@woonomic) May 3, 2024
You are still early… and that's backed by the best data available. https://t.co/bq9P50Nban pic.twitter.com/dyyRSFLrC3
According to him, BTC follows the same trend as in January 1999 for Internet Adoption. Also, by the end of April 2024, BTC hit around 426 million users.
Decoding Bitcoin Crypto Price & Volume Charts
According to the graph of price and volume, the trading volume dropped from $49.08 Billion on April 15 to $31.69 Billion on March 3. The price also dropped with trading volume.
Bitcoin Price & Volume Analysis I Source: Sentiment
BTC price has declined from $65,738.72 on April 15 to $61,810.88 on March 3. If the trading volume keeps falling, it may negatively impact the price. At the press time, BTC was trading at $63,406.28, after a surge of 6.89% in a day.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
