Bitcoin (BTC) rose to $74,000 last week but failed to maintain its gains. Rising oil prices increased inflation concerns, causing the price of Bitcoin to fall.
While Bitcoin has fallen to around $67,000, one analyst has predicted a price of $500,000 for BTC.
The popular crypto analyst known by the pseudonym PlanB, the creator of the Stock-to-Flow (S2F) model, said that even though BTC is currently trading around $67,000, the S2F model is still on the right track.
He then predicted that Bitcoin could reach $500,000 in the 2024-2028 cycle according to the Stock-to-Flow model.
“Bitcoin is at $67,000… but the S2F model says it will average $500,000 in this cycle (2024-2028)!”
This target is more than seven times the current market price, indicating significant upside potential for Bitcoin.
Despite the ongoing debates surrounding the S2F model, PlanB continues to use it as a primary tool for measuring Bitcoin’s value, based on the relationship between current stock and annual outflow.
In conclusion, PlanB sees the current situation as a final buying opportunity, believing that Bitcoin is significantly undervalued and has great upside potential.
*This is not investment advice.
