Crypto blogger predicts growth of the GTS by 5800%

Popular financial analyst PlanB announced a new forecast for the flagship cryptocurrency on his YouTube channel BTC $95,976.75 Bitcoin -0.95% Market capitalization $1.9 trillion VOL. 24 hours $2.36 billion . In a recent interview with crypto expert Scott Melker, PlanB notes that bitcoin could soar by more than 5800% based on the circular stock model.

(The circular stock model predicts changes in the value of an asset by comparing its current price to the rate of mining of its supply. In 2024, the supply of bitcoin, according to the analyst, will be halved. — ed.)

«If we assume that the original 2019 model is correct, when BTC was worth $ 55,000 and then more than halved, then the next rise could lead to prices — and I’m making a very wide range, some people don’t like it — from $ 100,000 to $ 1 million,» PlanB said.

The blogger is confident in his prediction, but emphasizes that if everything turns out to be wrong, «bitcoin will die.» At the time of writing, the main cryptocurrency is trading at $ 16,818. A price increase to $ 100,000 would increase the current value of the largest digital asset by 494%. To reach $ 1 million, BTC would have to rise by 5837%.

«There is no doubt in my mind that we are going to that range, between $ 100,000 and $ 1 million, no matter how you all look at it. The current price is a steal. So yeah, I’m very optimistic,» the crypto blogger concluded.

PlanB has previously stated that bitcoin’s bottom could form within the next three months, as the analyst believes that BTC usually reaches a bearish low 18 months after its record high price. However, not all cryptocurrency experts agree with the blogger. As a reminder, Peter Schiff predicted an imminent collapse of bitcoin to $ 5000. According to Schiff, bitcoin is at risk of falling by up to 70% from its current rate. According to the analyst, after falling from $ 69,000 to about $ 15,000, bitcoin has not reached its bottom, and further decline is a natural phenomenon that the cryptocurrency market should prepare for in the foreseeable future.