Crypto analyst Plan B is predicting that Bitcoin’s price could potentially double from its current value within the next three to five months. Plan B, known for the stock-to-flow (S2F) model, believes that Bitcoin could reach around $140,000 by November. This projection comes as Bitcoin recently broke the $70,000 price level, indicating a bullish trend for the digital asset.
On July 29, Plan B pointed out that Bitcoin’s miner revenue had hit its bottom following the April 2024 halving event. This signals a potential upcoming surge in Bitcoin price, as the historical miner revenue data suggests that less profitable miners have exited the market. Only the most profitable miners have survived, setting the stage for a potential price increase driven by investors and a doubled S2F ratio.
Despite Bitcoin’s recent price fluctuations, analysts are optimistic about the top cryptocurrency rebounding higher in the near future. Factors such as the upcoming U.S. election and increased clarity in crypto regulation could serve as catalysts for Bitcoin’s price appreciation. U.S. Senator Cynthia Lummis has announced plans to introduce a Bitcoin reserve bill, while Trump has expressed support for such initiatives if re-elected in November. Tron founder Justin Sun also highlighted the importance of China’s involvement in shaping Bitcoin policy, emphasizing the competitive landscape between China and the U.S.
Furthermore, at the Bitcoin 2024 conference in Nashville, Michael Saylor presented a bullish case scenario where Bitcoin’s price could potentially reach an incredible $49 million by 2045. This ambitious projection showcases the growing optimism and confidence in Bitcoin’s future potential as a valuable asset class. As the crypto market continues to evolve, with new developments and regulatory clarity on the horizon, Bitcoin’s price trajectory remains a topic of interest and speculation among analysts and industry experts. With Plan B’s optimistic price projection and the bullish sentiments from other analysts, the future of Bitcoin’s price remains an exciting and dynamic aspect of the crypto market to watch in the coming months.
