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The post Bitcoin (BTC) Price To Hit $1M By 2025, Predicts Analyst PlanB appeared first on Coinpedia Fintech News The Bitcoin market has been closely studied by analysts seeking to […]
The post Bitcoin (BTC) Price To Hit $1M By 2025, Predicts Analyst PlanB appeared first on Coinpedia Fintech News
The Bitcoin market has been closely studied by analysts seeking to monetize its future bull market runs. However, few get it right despite having complex models based on historical data. Moreover, new macroeconomic factors affect the Bitcoin price as more regulations, and institutional investors enter the industry.
According to a recent survey conducted by the New York Fed, Bitcoin price experiences heightened volatility during the CPI data than any other macroeconomics.
Nonetheless, the increased Bitcoin adoption and decreasing issuance have set the asset on a rising trajectory.
According to pseudonymous crypto analyst PlanB, the upcoming Bitcoin halving will significantly increase the asset’s scarcity, thus pushing the underlying value to the moon. Notably, PlanB developed the Bitcoin stock-to-flow model (S2F), which was widely adopted due to its simplicity and ability to forecast.
According to the analyst, the S2F model indicates Bitcoin price will trade around $500k after the 2024 halving. However, the analyst suggested the largest digital asset could easily hit $1 million.
“And I said it will be higher than $100,000, which is the bottom end of the bandwidth. But in fact, I guess it will be between $100,000 and $1 million. And the stock-to-flow model is indicating $500,000,” PlanB noted.
The analyst has, however, been called for providing a wide range, which anyone can easily guess. In his defense, PlanB said the wide range indicates the higher chances of more volatility.
“I know a lot of people don’t like the range estimates. They think it’s too wide and it’s unusable, the model is not valid, etc. But I much prefer the wide range, which indicates wide volatility, than a point estimate that pretends to be accurate,” the analyst noted.
Meanwhile, Bitcoin price remains under the influence of the death cross on the weekly time frame, which most fear will increase sell pressure in the near term.
