By
Bena Ilyas
April 22nd, 2024
Bitcoin price has gained approximately 337%, 23%, 7.3%, and 11% in the past year, 30 days, 14 days, and seven days respectively.
Bitcoin price rallied to a new all-time high around $68,641, as the entire crypto market cap hit and surpassed $3 trillion. The second-largest digital asset by market capitalization, Ethereum, recorded an all-time high of around $4,857. After the two digital assets recorded a strong weekly close bar, crypto enthusiasts are now watching popular analyst PlanB’s prediction for Bitcoin and his models. Notably, PlanB has in the past three months made calls that have materialized by a small margin of error. Thereby making his models popular among most crypto traders and investors.
In his regular Twitter updates, PlanB has recently reiterated that Bitcoin is poised to skyrocket further in the coming few months.
“As you know S2F model predicts $100K average for this halving period (and based on floor model we reach $100K this yr). But the S2FX model predicts a $288K average this cycle (we need some real fireworks in 2022 for that). Let’s see where this 2nd leg of the bull market will take us,” he noted.
The analyst documented his models based on Bitcoin’s scarcity in relation to other assets like Gold, palladium, and Silver. In his medium post dated March 22, 2019, he noted, “The model predicts a bitcoin market value of $1trn after next halving in May 2020, which translates in a bitcoin price of $55,000.” True to his words, the assets currently enjoy a market capitalization of approximately $1.28 trillion, higher than Tesla Inc (NASDAQ: TSLA) and Meta Platforms Inc (NASDAQ: FB) among other large corporations.
To his 1.4 million Twitter followers, the analyst has indicated that Btc is headed to overtake Gold. “Forget USD and QE: #bitoin = 37 ounces of Gold,” he noted.
Bitcoin Price and Future Prediction
Bitcoin price has gained approximately 337%, 23%, 7.3%, and 11% in the past year, 30 days, 14 days, and seven days respectively according to CoinGecko. The asset traded around $67,880.31 at the time of reporting, up approximately 3% in the past 24 hours.
The increased market price has been attributed to several market fundamentals among them increased regulations from regulators, thereby attracting institutional investors. Additionally, the asset has significantly been affected by increased speculation from retail investors who account for a huge part of the crypto industry. Moreso now that investors are seeking investment assets to hedge against the much talked about global inflation.
“The re-emergence of inflation concerns among investors during September/October 2021 appears to have renewed interest in the usage of bitcoin as an inflation hedge,” JPMorgan strategists wrote. “Bitcoin’s allure as an inflation hedge has perhaps been strengthened by the failure of gold to respond in recent weeks to heightened concerns over inflation.”