Calling from the cryptic corners of cryptocurrency analysis, the mysterious analyst known only as PlanB has made a daring prediction: Bitcoin, the heralded standard-bearer of digital currencies, will strike a record $100,000 by the close of this year. This audacious statement emerges from his painstaking scrutiny of Bitcoin’s current market ebbs and flows.
In a candid discourse on his YouTube channel, PlanB deemed the prospect of Bitcoin rising to $100,000 this year as “inevitable”. Yet, he insinuated that this monumental high might just be Bitcoin’s launching pad for an even more extraordinary flight in this market cycle. Employing the Bitcoin stock-to-flow (STF) marker as his compass, PlanB directed attention towards an average price altitude of $500,000 for Bitcoin.
Nonetheless, he was careful not to arouse unrealistic expectations of an instantaneous leap to the half-million benchmark. Instead, PlanB postulated that this zenith will perhaps not be scaled until around 2025. Probing into what price might encapsulate the pinnacle of Bitcoin’s rise, PlanB ventured that, from an STF vantage point, Bitcoin could ascend to stratospheric highs of $1 million.
PlanB’s daunting forecasting has accorded him membership into the exclusive fraternity of those few analysts courageous enough to predict Bitcoin’s ascent to such lofty peaks. Among the affiliated believers stands Samson Mow, Bitcoin evangelist and CEO of Jan3, who has similarly prophesied Bitcoin’s surge to $1 million. Diverging from PlanB though, Mow is convinced that this stupendous climb can manifest within the year.
For Mow, the theory at the root of his conviction traces to the dichotomy between Bitcoin’s supply and demand. His contention is that Bitcoin’s price will react reactively when miner’s rewards undergo an enforced reduction during the anticipated Bitcoin Halving.
PlanB, however, cautioned Bitcoin investors to brace for a turbulent ride in this bull market, replete with dramatic ascents and equally drastic plunges, including “multiple -20% to -30% dips”. He reassured that such fluctuation is par for the course and implored investors not to yield to panic in those valleys.
PlanB’s advisory resonates alongside the avowal of Alex Thorn, the head of research at Galaxy Digital. Thorn had previously alerted to the inherent volatility in bull markets, reminiscing of noticeable price corrections during the bull markets of 2021 and 2017. He cited approximate 13 instances of descent worth 10% or more in the prior bull run, with a similar counterpart in the 2017 scenario.
As per data received from CoinMarketCap, Bitcoin is currently being traded nearing the $66,000 mark, witnessing a downward trend in the last one day. It remains to be seen if PlanB’s and Mow’s extraordinary predictions come to life, adding yet another exciting chapter to the enticing saga of cryptocurrency’s leader, Bitcoin.
