July 20, 2024

Pseudonymous crypto analyst PlanB has boldly claimed that Bitcoin will hit $100,000 this year despite the current bearish sentiments around the flagship crypto. He made this statement while providing an in-depth analysis of Bitcoin’s current price action. 

Bitcoin To $100,000 Is “Inevitable”

PlanB stated in a video on his YouTube channel that he believes Bitcoin hitting $100,000 this year is “inevitable.” Interestingly, he suggested that $100,000 is likely just the starting point for Bitcoin’s price in this market cycle. He noted that the Bitcoin stock-to-flow (STF) indicator hinted at $500,000 being the average price level for Bitcoin. 

However, he added that this doesn’t mean Bitcoin’s price will jump overnight to $500,000. He claims that the Bitcoin top will not come this year but sometime in 2025. Elaborating on what price would signify the top for Bitcoin’s price, PlanB stated that Bitcoin’s price could rise to as high as $1 million from an STF perspective. 

The crypto analyst mentioned that Bitcoin needs a top much higher than the $500,000 average level, so $1 million is a huge possibility. PlanB joins a short list of analysts who believe Bitcoin could attain such an ambitious price level. The CEO of Jan3 and Bitcoiner Samson Mow is another individual who has also predicted that Bitcoin could hit $1 million. Unlike PlanB, though, Mow believes such an exponential price surge could happen this year. 

Mow alluded to the imbalance between Bitcoin’s supply and demand as the primary reason he holds this belief. He expects Bitcoin’s price to “react accordingly” once miners’ rewards are cut in half during the Bitcoin Halving.

Corrections Are Normal Even In A Bull Market

PlanB warned Bitcoin holders that there would be a lot of volatility in this bull market and that these moves won’t only be to the upside as investors should also expect “multiple -20% to -30% dips.” He added that this is “very normal,” and the best thing to do is not to panic at those dips. 

PlanB’s statement echoes the sentiments of Alex Thorn, Head of Research at Galaxy Digital, who warned that the market doesn’t move straight up even in bull markets. Back then, Thorn revealed that there were also significant price corrections in the 2021 and 2017 bull run. He claimed there were about 13 drawdowns of 10% or more in the last bull run, while there were about 13 drawdowns of 12% or more in the 2017 bull run. 

At the time of writing, Bitcoin is trading at around $66,000, down in the last 24 hours, according to data from CoinMarketCap.

Bitcoin price chart from Tradingview.com

BTC price at $66,200 | Source: BTCUSD on Tradingview.com

Featured image from PCMag, chart from Tradingview.com

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