Analyst Thomas Farrer predicts when bitcoin will rise to $ 500,000

Thomas Farrer, co-founder of ApolloSats, has published a forecast for the future value of BTC $59,529.14 Bitcoin -4.07% Market capitalization $1.17 trillion VOL. 24 hours $1.89 billion . The expert expressed confidence that the price of the flagship currency will reach and even exceed $ 500,000 after the next halving.

Farrer noted that every time the reward for mining BTC is cut by 2 times, the ratio of bitcoin to the flow (a deficit indicator) doubles. At the same time, the market capitalization of the cryptocurrency increases 10 times.

The Stock to Flow / Power Law Scarcity Thesis CC: @100trillionUSD

Do you think it holds this cycle?

Thesis:

Every halving, Bitcoin Stock to Flow (measure of scarcity) doubles and market value increases 10x, a constant factor based on a power law relationship.

A power law is… pic.twitter.com/rdTKn4ACqI

— Thomas | heyapollo.com (@thomas_fahrer) January 13, 2024

In the published graph, the expert illustrated how the bitcoin rate overcame the $ 500, $ 5,000, and $ 50,000 marks, each time increasing in capitalization by at least 10 times after each halving. According to Farrar’s forecasts, the $ 500,000 mark may be reached by digital gold in the period from 2024 to 2026. At the time of writing, the value of BTC is $ 42,624.

In addition to Farrar, Core Scientific CEO Darin Feinstein also believes in the promising future of bitcoin. The specialist said that it will grow «for the rest of your life» and predicts that the main cryptocurrency will rise 200 times over the next decade. In addition, the entrepreneur is confident that the distributed Ledger technology underlying the bitcoin blockchain has every chance of laying the foundation for all financial products and services of the future.