In contrast to the widespread opinion among crypto enthusiasts, PlanB, the creator and analyst of the Bitcoin Stock-to-Flow (S2F) model, believes that this upcoming halving won’t differ significantly from past occurrences.
Based on a tweet, PlanB firmly believes that Bitcoin’s price growth will once more occur near the halving events.
This Halving Will Not be Different
In recent times, various cryptocurrency experts and enthusiasts have voiced doubts about how the forthcoming Bitcoin (BTC) halving will influence its price, given that it hit a new record high a month prior to this event.
Previously, Bitcoin’s record prices tended to appear following the halving because the production rate of Bitcoins decreased as miners received 50% fewer rewards. However, an unusually high demand for US Bitcoin ETFs that debuted in January caused Bitcoin to surpass its November 2021 high of $69,000 and reach a new peak at $73,700 around mid-March.
Right now, it’s uncertain how strong a rally Bitcoin (BTC) will have following the halving, or if its advancements will significantly outmatch past occurrences.
According to PlanB, who has consistently held firm in his belief about Bitcoin’s price trend, the cryptocurrency is predicted to reach $100,000 by the end of this year following the halving event. Moreover, he anticipates that Bitcoin will surpass $300,000 by 2025. It seems that a significant portion, 71.9%, of PlanB’s supporters concur with this optimistic outlook as revealed in a recent poll conducted on social media platform X.
Bitcoin to Take Out Gold
According to PlanB’s argument for why all price hikes occur around the bitcoin halving event, he proposes that purchasing Bitcoin six months prior and selling it 18 months later results in greater returns compared to simply holding the cryptocurrency. Based on his assessment, traders could potentially earn larger profits by selling their Bitcoin a year after the halving occurs.
In response to a comment about Bitcoin surpassing gold in this bull market, the creator of the S2F model explained that Bitcoin is expected to become more scarce than gold, leading to it potentially surpassing gold’s value. This perspective is shared by Bybit, an exchange, which anticipates Bitcoin’s S2F ratio to doubles to 112 following the halving event, while gold’s ratio remains constant at 60.
In the meantime, PlanB stated that his forecast for Bitcoin’s price reaching its peak lies between $250,000 and $1 million, with an initial estimation of $300,000. However, it remains uncertain whether Bitcoin’s price will surpass this level.
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2024-04-18 14:02