Renowned Bitcoin analyst PlanB, known for his stock-to-flow model for BTC, has made a bold prediction about the future price of BTC. What is special about this forecast is the valuation in gold ounces, which illuminates a unique perspective.
The PlanB Projection: Bitcoin’s Meteoric Rise
According to PlanB's recent post on PlanB, PlanB drew a comparison with gold and highlighted that currently one Bitcoin is equivalent to 26 ounces of gold and the value of one ounce of gold is $2,000.
Bitcoin = 26 ounces of gold. I would be surprised if BTC stayed below 100 ounces of gold in 2024/2025. pic.twitter.com/IghU4u7gCy
February 19, 2024
Looking ahead to 2024-2025, PlanB predicts that the price of Bitcoin could rise to around 100 ounces of gold, which is equivalent to $200,000 in fiat currency.
Digging deeper into recorded developments, PlanB expects Bitcoin to rise to 35 gold ounces ($70,000) by 2024 and 300 gold ounces by 2025. This prediction would put Bitcoin's value at a price target of $600,000, marking a monumental milestone in its journey.
Correct. And even more so if the price of gold also rises.
February 19, 2024
Bullish momentum is driving Bitcoin’s rise
As Bitcoin continues to capture investor attention, the past few weeks have seen notable bullish momentum propelling the cryptocurrency forward. With a rise of more than 20% in this period, Bitcoin has surpassed the $1 trillion market capitalization threshold, accompanied by trading volumes that exceeded $20 billion in the past week alone.
This burst of activity has sparked optimism among investors and traders and led to significant accumulation of the asset. Notably, Whale Alert data shows a significant withdrawal of around $962.15 million from leading US crypto exchange Coinbase to an undisclosed address today, underscoring the increased interest in Bitcoin.
Meanwhile, Bitcoin open interest has risen to over $24 billion, up 50% since the start of 2024. This increase in open interest, a metric that represents the total value of outstanding derivatives contracts, indicates increased market activity and interest in Bitcoin futures and options trading.
Notably, this increase in open interest has not been seen since Bitcoin price peaked in November 2021, when it rose to an all-time high of $69,000.
This trend is consistent across various crypto exchanges, with platforms like CME, Binance and ByBit leading the way, commanding over 50% of open interest in the market, according to data from Coinglass.
Featured image from Unsplash, chart from TradingView
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