Cryptocurrency analyst “Plan B” recently predicted that the price of Bitcoin would reach over $300,000 by 2025, with expectations of hitting $100,000 by December 2024. This forecast is fueled by the upcoming Bitcoin halving event, which occurs every four years and reduces the rate at which new coins are created. Plan B’s prediction is based on the Stock-to-Flow (S2F) model, which evaluates Bitcoin’s scarcity by comparing the circulating supply to the new supply entering the market. As the supply of new Bitcoins decreases due to halving events, the scarcity of Bitcoin increases, potentially leading to higher prices.
Plan B also shared insight regarding the timing of buying and selling Bitcoin around the halving event. According to their strategy, Bitcoin traders should purchase Bitcoin just before the halving and sell shortly after the event to capitalize on the anticipated price increase. This approach outperforms the traditional “buy and hold” strategy, which involves holding onto Bitcoin for a long period regardless of short-term price fluctuations. Plan B believes that Bitcoin will perform better than gold, as its scarcity will be twice that of gold after the halving.
Plan B’s Bitcoin price prediction aligns with other industry experts’ forecasts. Ark Invest’s Cathie Wood, Standard Chartered Bank, and Robert Kiyosaki have all expressed optimism about Bitcoin’s price trajectory post-halving. Cathie Wood predicted that BTC’s price could reach $2.3 million per coin, while Standard Chartered Bank raised its year-end forecast to $150,000 with a peak of $250,000 in 2025. Robert Kiyosaki also predicted a price increase to $100,000 by June 2024. Glassnode projected that spot Bitcoin ETFs would be major catalysts for a potential price pump in 2024, with around $70 billion of new capital expected to enter the market via these products.
Currently, the price of Bitcoin is around $63,400, marking a 3.46% rise in the past 24 hours. As the Bitcoin halving event approaches, enthusiasts and global communities are eagerly anticipating a potential bullish run in the price of the cryptocurrency. Plan B’s forecast of a price surpassing $300,000 by 2025 is rooted in the belief that halving events increase Bitcoin’s scarcity, leading to higher prices. With growing institutional interest in Bitcoin and the potential impact of spot Bitcoin ETFs, market analysts are optimistic about the future price trajectory of the cryptocurrency. The upcoming Bitcoin halving and the increasing scarcity of Bitcoin post-event are expected to contribute to a potential surge in Bitcoin’s price in the coming years.
