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Bitcoin began May with a significant sell-off after losing critical support at $ 60,000 and falling to $ 56,000, leading many market participants to expect further negativity.
In light of these developments, crypto analyst Plan B shared his thoughts on the prospects for bitcoin’s price in a YouTube video published on May 1. The expert emphasized the historical accuracy of the stock-flow model in predicting the price of BTC $63,411.17 Bitcoin -0.46% Market capitalization $1.27 trillion VOL. 24 hours $0.82 billion .
Despite some fluctuations, Plan B has updated the model’s parameters, maintaining an average target price of about $ 500,000 between 2024 and 2028. He emphasized the importance of the halving event in increasing the value of the model, predicting a gradual rise in the price of bitcoin over the coming months.
Looking ahead to the second half of 2024, the expert expressed confidence that bitcoin will reach $ 100,000. The expert also expects the market to peak in 2025, when the price of bitcoin will potentially exceed $ 200,000.