Bitcoin is already seeing a drawdown which has sparked speculation that the mini-bull run has come to an end. However, over the long term, there is still a bullish case for the digital asset but how high the price will go remains anyone’s best guess. An analyst has taken to Twitter to share their own forecast, which paints one of the most bullish cases for bitcoin over time.
PlanB Says Bitcoin At $1 Million Is Possible
In a YouTube video, the pseudonymous analyst known as PlanB on Twitter laid out a chart that showed an expected growth pattern for bitcoin. The chart follows through to the very beginning of bitcoin, presumably to show this growth pattern in action over the years.
The chart shows an old and new stock-to-flow model, popularly known as the S2F model, as well as the BTC price. It then ties in the movement of these three shows a pattern of progression of each one.
Following this pattern, PlanB said the price of bitcoin will likely be above $32,000 in 2024, which is the year of the next BTC halving. On a much longer basis, the model puts the price of bitcoin between $100,000 and $1 million by 2025.PlanB says $100,000 to $1 million still possible | Source: Twitter
“BTC bottom is in, 2024 halving >$32k, 2025 bull market >$100k” scenario could look like this. Note the $100k-$1m yellow range estimate for 2025,” the analyst said.
Now, this is a wide range but PlanB is not the only one that has presented this $1 million scenario for BTC. ARK Invest’s Cathie Wood has also given this exact prediction for the digital asset, although the CEO puts it on a much longer timeframe (By 2030).
Can BTC Really Reach $1 Million?
The $1 million figure is one that has been echoed by a number of notable personalities in the space. Others have also given equally bullish forecasts, as in the case of Skybridge Capital’s CEO Anthony Scaramucci, who believes that the price of the digital asset will cross $300,000. Another forecast comes from the CEO of Jan3, Samson Mow, who believes the cryptocurrency will reach $1 million in the next five years.BTC sees drawdown following upward rally | Source: BTCUSD on TradingView.com
For most of these predictions, the basis and argument behind them have been the capped supply of bitcoin. And with each halving, the bitcoin supply is reduced, something PlanB also highlights in his own analysis.
Billionaire Tim Draper forecasted that BTC’s price will cross $250,000 but Draper believes that this will come with the adoption of BTC by women. The billionaire notes that women control most of the retail spending power and once they are able to direct that toward BTC by being able to use the digital asset to pay for goods and services, then he expects the cryptocurrency to “blow right through” $250,000.
Bitcoin is currently trading at $22,933 at the time of this writing. It is down 2.15% in the last 24 hours.Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Blockzeit, chart from TradingView.com