Bitcoin (BTC), despite high expectations entering May, faced disappointments and lost vital support at $60,000. It further dropped to $56,000, raising significant concerns. There is talk among crypto market investors about how this drop recalls the past. The impact of this price movement on the expected post-halving rally is also a subject of curiosity.
Analyst Reviews Bitcoin
Amid these developments, cryptocurrency analyst Plan B shared his thoughts on Bitcoin‘s future prices in a YouTube video dated May 1. PlanB first drew attention to the Bitcoin stock-to-flow model, noting that Bitcoin closed slightly above this model, which was at the $60,000 level last month. This figure represents a $10,000 drop compared to March.
Nevertheless, it’s important to remember that Bitcoin has seen a 36% increase compared to January.
Looking at PlanB’s chart, it is observed that each halving period historically coincides with a grey color. When examining the stock-to-flow model price, the predictive power of this model is emphasized once again.
Bitcoin Price Prediction
The expert, commenting on specific price points, noted that the current average Bitcoin price, trading around $34,000, parallels the past figures of $55,000 seen in the original 2019 model.
The average price is currently something we can calculate. This price is $34,000, slightly below but still at the same level as the $55,000 predicted by the original 2019 stock-to-flow model. Remember, in 2019, Bitcoin’s price was below $4,000. The average Bitcoin price was above the stock-to-flow model price in the previous cycle, the 2016-2020 cycle.
Despite some price fluctuations, Plan B emphasized the appearance of the model, reiterating the target price of $500,000 for the years 2024 and 2028. The analyst highlighted a gradual rise in Bitcoin prices in the coming months.
The expert expressed confidence that Bitcoin would reach $100,000 in the second half of 2024, following the halving event, based on the need for recovery in mining revenues. He based this prediction on historical trends, noting that mining revenues typically recover within four to eight months after a halving.
According to PlanB, there is also a possibility that Bitcoin’s price could potentially exceed $200,000 by 2025.
What Is Bitcoin’s Current Price?
As of writing, Bitcoin is trading at $59,200. Following a drop to $56,000 yesterday, the price movement showed a 1.5% increase.
Bitcoin’s market cap is $1.16 trillion, while the 24-hour trading volume has decreased by 17% to $38.2 billion. The critical level for Bitcoin is marked at the $55,000 region, and falling below this level could potentially lead to greater losses.
