PlanB analyst names the factors that will influence bitcoin’s growth to $ 150,000

Bitcoin has recently risen to $ 70,000, and according to PlanB analyst, the cryptocurrency’s value could double in the next 3−5 months. He believes that BTC will reach $ 150,000 by the end of 2024.

PlanB bases its forecast on historical mining data and the stock-to-flow model, which estimates the ratio between bitcoin turnover and annual output. He noted that miners' profits have stabilized after the Halving 2024 event, which reduces the likelihood of miners' capitulation and further selling pressure.

Analysts also point to a significant inflow of investments in bitcoin ETFs over the past three weeks, expecting this trend to continue. An important event for the cryptocurrency market will be the meeting of the US Federal Reserve, although most investors expect rates to remain unchanged in August, and a 25 basis point cut in September is possible.

The upcoming US elections may also cause additional volatility in the bitcoin price. PlanB’s forecasts are supported by Spot-on-Chain, an analytical company that predicts that bitcoin will reach $ 100,000 by the end of the year and $ 150,000 by mid-2025.

Such an optimistic forecast is supported by stable miner profits and positive trends in the bitcoin ETF market. If these factors persist, bitcoin has every chance of continuing its growth to new historical highs.