Bitcoin

Bitcoin Bulls Unite: Brace for $100K Average BTC Price by 2024!

Bitcoin Buyers Should Capitalize on Sub-$40K Opportunity, Says Crypto Expert

Bitcoin (BTC) buyers should take advantage of the current market conditions and add to their holdings below the $40,000 mark, according to a well-known figure in the crypto industry. PlanB, the creator of the stock-to-flow family of BTC price models, recently shared his insights on the popular social media platform X (formerly Twitter).

PlanB believes that Bitcoin is destined to reach much higher price levels than its recent 18-month highs. He emphasized the importance of increasing BTC exposure below the $40,000 threshold, as time may be running out.

Realized price data was used by PlanB to support his bullish case for Bitcoin. Realized price refers to Bitcoin’s realized cap, which is calculated by dividing the sum total price at which all BTC last moved by the current supply. Currently, the realized price is just below $21,000.

PlanB pointed out that Bitcoin bear market bottoms occur when the spot price drops below the realized price, while bull markets begin when the spot price crosses the two-year and five-month realized price levels. These levels are based on the realized price of coins that were last moved within the last two years or the last five months, also known as “younger” coins.

Currently, BTC/USD is above all three realized price iterations, indicating a positive market sentiment.

Regarding the possibility of lower price levels, PlanB did not provide a definitive answer. However, he expressed his expectation of an average BTC price of at least $100,000 between 2024 and 2028, which corresponds to Bitcoin’s next halving cycle.

While PlanB has faced criticism over his Stock-to-Flow model and acknowledged that Bitcoin did not meet his expectations during the 2021 bull market, predictions of six-figure prices for the next cycle are becoming increasingly common. Some analysts are focusing on a target price of $130,000 by the end of 2025.

The upcoming halving, scheduled for April 2024, is also expected to contribute to price growth, with some experts predicting a return to around $46,000.

PlanB recently described Bitcoin as being in a “pre-bull market” phase, with the real bull market yet to come.

It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and analysis before making any investment decisions.

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