In a recent post, PlanB reaffirmed that the price of Bitcoin would never drop below the $35,000 mark again.
The creator of the Stock-to-Flow (S2F) model, PlanB’s prediction for Bitcoin’s price isn’t widely embraced but is deemed reassuring.
Presenting a chart, he asserted that Bitcoin’s valuation has surged based on its inherent scarcity rate. According to him, despite potential short-term volatility and black swan events, considering fundamental metrics like $/kWh, the market value of the primary asset won’t dip below the $35,000 support level.
Reiterating his stance in subsequent posts, he highlighted the balance between Bitcoin miners purchasing the asset via electricity and users buying it on exchanges with fiat. He speculates that this balance might deepen with the advent of the upcoming exchange-traded investment fund, potentially rewarding miners selling cryptocurrency with a premium based on their unique market insights.
PlanB, among analysts, anticipates a reserved $100,000 valuation for the digital currency.
As a widely-used market analysis model creator, PlanB recently pushed the narrative that Bitcoin could trade between $65,000 and $524,000 in the near future.
These Bitcoin projections come amidst a significant market rebound, with the current Bitcoin trading at $37,106.80, marking a 1.07% decrease in the last 24 hours.
READ MORE "Bitcoin (BTC): A Leading Cryptocurrency with Strong Profitability and Potential for Future Growth"
Despite the market’s overall retracement, the asset’s price still appears distant from dipping to the $35,000 mark, affirming the validity of PlanB’s forecasts.
Furthermore, developments in securing approval for a Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) could bolster market resilience.
The expectations around a Bitcoin ETF, with a 90% probability, have fueled bullish sentiments for BTC, suggesting its potential to surge beyond $600,000.
Disclaimer: The information provided is not financial advice. Chinwa.tech does not take any responsibility for investments made based on the information provided in this article. We recommend consulting a qualified specialist or financial advisor before making any investment decisions.