Pseudonymous crypto analyst PlanB has boldly claimed that Bitcoin will reach $100,000 this year despite $100,000 current bearish sentiments around the flagship crypto. He made this statement while providing an in-depth analysis of Bitcoin’s current price action.
Bitcoin to $100,000 is “inevitable”
PlanB stated in a video on his YouTube channel that he believes in this Bitcoin reaches $100,000 this year is ‘inevitable’. Interestingly, he suggested that $100,000 is likely just the starting point for Bitcoin’s price in this market cycle. He noted that the Bitcoin stock-to-flow (STF) indicator pointed out that $500,000 is the average price level for Bitcoin.
However, he added that this does not mean Bitcoin’s price will jump to $500,000 overnight. He claims that the Bitcoin summit will not happen this year but sometime in 2025. PlanB further elaborated on what the price top would mean for the price of Bitcoin and stated that the price of Bitcoin could rise to as high as $1 million from an STF perspective.
The crypto analyst said Bitcoin needs a top much higher than the average $500,000 level, so $1 million is a huge possibility. PlanB joins a short list of analysts who believe Bitcoin could reach such an ambitious price level. Jan3 CEO and Bitcoiner Samson Mow is another person who has done just that also predicted that Bitcoin could reach $1 million. However, unlike PlanB, Mow believes such an exponential price increase could happen this year.
Mow alluded to the imbalance between Bitcoin supply and demand as the main reason he has this belief. He expects Bitcoin’s price to “react accordingly” once miner rewards are cut by half during the period Bitcoin halving.
Corrections are normal, even in a bull market
PlanB warned Bitcoin holders that there would be a lot of volatility in this bull market and that these moves will not only be positive as investors should also expect “several dips of -20% to -30%”. He added that this is “very normal” and that the best thing to do is not to panic about these dips.
PlanB’s statement reflects the sentiments of Alex Doornhead of research at Galaxy Digital, who warned that even in bull markets the market does not move straight up. At the time, Thorn revealed that significant price corrections were also taking place in the Bull run of 2021 and 2017. He claimed that during the last bull run there were about 13 drawdowns of 10% or more, while during the 2017 bull run there were about 13 drawdowns of 12% or more.
At the time of writing, Bitcoin is trading around $66,000, down in the past 24 hours. facts from CoinMarketCap.
BTC price at $66,200 | Source: BTCUSD on Tradingview.com
Featured image from PCMag, chart from Tradingview.com
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