PlanB Predicts Bitcoin Price to Double In 3 Months: $150K Target Set!

Amid the ongoing bullish momentum, Bitcoin surged to around $70,000 earlier today. Notably, PlanB, the author of the stock-to-flow model, predicts that Bitcoin’s price could double in the next 3-5 months.

In a recent post on X, PlanB stated that Bitcoin miner revenue has already bottomed out following the Bitcoin Halving 2024 event. Consequently, he does not foresee any further Bitcoin miner capitulation, which could alleviate selling pressure on BTC prices. PlanB also expects Bitcoin’s price to double by the end of 2024, reaching a target of $150,000.

Historical Data to Look At

PlanB’s prediction is grounded in historical mining data presented in his chart. The Bitcoin stock-to-flow model, which measures the ratio between the circulating supply of Bitcoins and the annual issuance of new coins, has previously provided accurate predictions on several occasions.

When one follower on X suggested that $140,000 might be the peak for BTC, PlanB disagreed, asserting,

“No I don’t agree with a 140k top and diminishing returns. IMO bitcoin will be ~$500k on average in 2024-2028 (as per S2F model).”

Bitcoin as a Reserve Asset: A New Dawn?

At the recent Bitcoin Conference, top lawmakers advocated for BTC as a reserve asset. Former President Donald Trump even claimed that Bitcoin is on the verge of surpassing silver as an asset class and could eventually overtake gold.

In his highly anticipated speech, Trump criticized Democratic lawmakers, including Sen. Elizabeth Warren, SEC Chair Gary Gensler, and the Biden administration, for harming the industry by not providing clear regulations. According to a CNBC report, Trump vowed that under his policy, the U.S. government would retain 100% of the Bitcoin it currently holds (approximately 210,000 bitcoins), establishing a National Strategic Bitcoin Reserve.

Market Movements to Know

The spot Bitcoin ETFs have experienced strong inflows over the past three weeks, and analysts anticipate this trend to continue. Additionally, all eyes are on this week’s US Federal Reserve meeting as the crypto market looks for a catalyst in the form of potential rate cuts.

While 96% of investors believe the Fed will keep rates unchanged in August, 85% expect a 25 basis point interest rate cut in September.

Future Projections

With the U.S. elections approaching, further volatility in BTC prices is expected. PlanB is not alone in setting high price targets; Spot-on-Chain has also predicted that BTC will hit $100,000 by the end of the year and $150,000 by the first half of 2025.

The future of finance is being written in Bitcoin. Are you ready to invest?