Bitcoin is predicted to reach $ 534,000 next year

A popular analyst under the pseudonym PlanB, the founder of the Stock-to-Flow model, expects bitcoin to grow significantly in 2024. That’s when the first cryptocurrency will undergo another halving.

Halving is a 50% reduction in the reward for mining a block by miners. History shows that after halving, bitcoin steadily grows in value and reaches new heights. And, according to PlanB, after the next halving, the BTC rate can grow by 1800%.

«My forecasts continue to come true within the S2 °F model. We should expect $ 32,000 per bitcoin, then $ 60,000 per bitcoin before halving. And then $ 100,000 will be the minimum, and the rate can reach $ 1 million at most. But, on average, after the next halving, the BTC rate should reach $ 542,000 ,» PlanB said.

The analyst emphasizes that he continues to believe in his S2 °F model. He assures that the behavior of the cryptocurrency market is fully consistent with the model, so its critics are simply wrong.