The post Bitcoin Stock to Flow Model – Can BTC Price Hit 1 Million By Mid-2024? appeared first on Coinpedia Fintech News
Amidst market volatility caused by the banking collapse and the ongoing debate over fiat money Vs digital currency, Bitcoin remains a top choice for analysts. Many are betting that it will hit six figures before the scheduled halving in April 2024.
Why Bitcoin Will Hit 1 Million in 2024?
As Bitcoin bounces back to the critical price level of $30,000, the cryptocurrency market is exhibiting signs of recovery. But what does the future hold for Bitcoin? According to cryptocurrency analyst PlanB, the flagship digital asset could hit six figures in the near future, as it approaches a significant event in its history – the halving.
The halving, which will cut the reward for mining new Bitcoin blocks in half, is scheduled for April 2024. PlanB’s stock-to-flow (S2F) model suggests that Bitcoin could reach the price of $100,000 by mid-2024, coinciding with the event.
The S2F model, which has been used to predict Bitcoin’s future price movements in the past, indicates that a significant price gain typically follows the halving. With Bitcoin currently trading at $29,174, the potential for a substantial increase in value is certainly exciting news for investors.
Can BTC realistically hit six figures by mid-2024? While predictions suggest so, it would require a potential 250% jump in value, which may seem challenging based on the current market trends.
— PlanB (@100trillionUSD) May 4, 2023
blue …
bitcoin getting closer to the halving (April 2024).
did you notice that halvings (dark blue) are usually on S2F model line (grey) … pic.twitter.com/oWPv13dHie
What Will Drive BTC Price?
Not only is Bitcoin approaching the halving, but it is also forming a rising wedge at the end of its recent downtrend, a pattern that can identify potential trend reversals. This “super BULLISH pattern” has been pointed out by popular Twitter chart pattern analyst Trader Tardigrade.
Another crypto market expert, known as Seth on Twitter, has highlighted that Bitcoin’s monthly accumulation indicators are “showing we are starting to trend up.” Seth predicts a “glorious” 2025 for his long-term Bitcoin position, with a target price range of $150,000 to $250,000.
Bottom line
Despite increasing fees, Bitcoin transactions have reached record-breaking levels, which associate professor Farooq Anjum attributes to the need to account for the halving and justify the cost of mining if the Bitcoin price does not double next year.
As Bitcoin continues to exhibit signs of recovery and approaches the halving, it is certainly an exciting time for investors and analysts alike. With the potential for a significant increase in value over the coming years, Bitcoin’s future looks bright.
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