Bitcoin is already seeing a drawdown that has fueled speculation that the mini-bull run is over. However, in the long term, there is still a bullish case for digital assets but how high prices will go remains anyone’s best guess. An analyst has taken to Twitter to share his prediction, which depicts one of the most bullish cases for Bitcoin over time.
PlanB says $1 million worth of bitcoin is possible
on YouTube Video, a pseudonymous analyst known as PlanB on Twitter put up a chart showing the expected growth pattern for Bitcoin. The chart follows Bitcoin back to its inception, presumably to show this growth pattern in action over the years.
The chart shows the old and new stock-to-flow model, known as the S2F model, as well as the BTC price. Then join the movement of these three and show the progression pattern of each.
Following this pattern, PlanB says that the price of Bitcoin will be above $32,000 in 2024, which is the year of the next BTC halving. On a very long-term basis, the model puts the value of Bitcoin between $100,000 and $1 million by 2025.
PlanB says $100,000 to $1 million still possible | Source: Twitter
“BTC is down, 2024 halving >$32k, 2025 bull market >$100k” scenario might look like this. Note the $100k-$1m yellow range estimate for 2025,” the analyst said.
Now, this is a wide range but PlanB is not the only one that has presented this $1 million scenario for BTC. Cathy Wood of ARK Invest also made this accurate prediction for the digital asset, although the CEO put it in a much longer time frame (up to 2030).
Can BTC really reach $1 million?
The $1 million figure is one that has been echoed by many notable figures in the space. Others have given similarly bullish forecasts, as in the case of SkyBridge Capital CEO Anthony Scaramucci, who believes the value of the digital asset will surpass $300,000. Another prediction comes from January 3 CEO, Samson Mou, who believes the cryptocurrency will reach $1 million in the next five years.
BTC sees drawdown following upward rally | Source: BTCUSD on TradingView.com
For most of these predictions, the premise and reasoning behind them has been the limited supply of Bitcoin. And with each halving, the bitcoin supply shrinks, something PlanB highlights in its own analysis.
Billionaire Tim Draper predicted that the price of BTC will cross $250,000 but Draper believes that this will come with the adoption of BTC by women. The billionaire noted that women control the majority of retail spending power and once they are able to use digital assets to pay for goods and services and are able to direct it towards BTC, then he expects the cryptocurrency to “fly right up” to $250,000.
Bitcoin is currently trading at $22,933 at the time of this writing. It has decreased by 2.15 percent in the last 24 hours.