Resume: Bitcoin Hits New All-Time High of $73,760
Bitcoin has surged to a new all-time high of $73,760 on March 14, 2024, marking a significant milestone in its journey. PlanB, a leading figure in the crypto community, has shared insights into this surge and provided a prediction for Bitcoin’s future valuation.
$200,000 Is a Conservative Target for Bitcoin
PlanB’s Bitcoin price prediction is based on the Stock-to-Flow (S2F) model, which analyzes price movements in relation to halving events. The S2F model compares the current supply of Bitcoin against the flow of new BTC entering the market during halving events, where the reward for mining Bitcoin is halved, reducing the supply of new coins.
- PlanB emphasizes BTC’s alignment with the S2F model’s projections, especially before a Bitcoin halving.
- The transition from “blue to red” dots in PlanB’s model indicates shifts in market cycles, with red signaling a bull market.
PlanB’s Growth Prediction for Bitcoin
PlanB anticipates a steep increase in price for Bitcoin, potentially reaching $100,000 this year and averaging around $500,000 in the halving period. Despite expected volatility and potential dips, the overall trajectory remains upward, with the next peak projected for 2025.
On-Chain Indicators and Support Levels
On-chain indicators like realized price and the two-year realized price show significant growth during bull markets, with the five-month realized price establishing a strong support level at $60,000. The relative strength indicator (RSI) also indicates Bitcoin’s unprecedented strength before halving, hinting at potential exponential growth.
Hot Take: Bitcoin’s Ongoing Growth Trajectory
Bitcoin’s surge to a new all-time high and alignment with the S2F model’s projections point towards continued growth. With on-chain indicators and support levels reinforcing this optimistic outlook, Bitcoin’s current position suggests that its growth is far from over.
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