Pseudonymous cryptocurrency analyst Plan B has boldly claimed that Bitcoin will reach $100,000 this year, despite the current bearish mood surrounding the flagship cryptocurrency. He made this statement while providing a detailed analysis of Bitcoin's current price trends.
Bitcoin reaching $100,000 is 'inevitable'
PlanB said in a video on his YouTube channel that he believes it is “inevitable” for Bitcoin to reach $100,000 this year. Interestingly, he suggested that $100,000 is probably just the starting point for Bitcoin price in this market cycle. He pointed out that Bitcoin's stock-to-flow (STF) indicator suggests that Bitcoin's average price level is $500,000.
However, he added that this does not mean the price of Bitcoin will jump to $500,000 overnight. He claims that Bitcoin's all-time high will not be this year, but sometime in 2025. Plan B elaborated on the price that marks the highest price for Bitcoin, stating that from an STF perspective, Bitcoin price could rise to $1 million.
The crypto analyst said $1 million is a big possibility as Bitcoin needs a high price well above the average level of $500,000. PlanB joins a small list of analysts who believe Bitcoin can reach such ambitious price levels. His CEO and Bitcoiner Samson Mo on Jan3 is also the one who predicted that Bitcoin could reach $1 million. But unlike Plan B, Mo believes such an exponential price increase could happen this year.
Moh alluded to the imbalance between Bitcoin's supply and demand as the main reason for this idea. He predicts that if miners' rewards are cut in half during the Bitcoin halving, the price of Bitcoin will “react accordingly.”
Corrections are common even in bull markets.
PlanB warns Bitcoin holders that this bull market is likely to see more volatility and that investors should expect “multiple declines of -20% to -30%,” so these moves are likely to lead to an uptrend. I warned him not to just head there. He added that this is “very normal” and the best thing to do is not to panic over these sharp declines.
PlanB's statement echoes the sentiments of Alex Thorne, head of research at Galaxy Digital, who warned that even in a bull market, markets don't go straight up. At the time, Thorne revealed that the 2021 and 2017 bull markets also saw significant price corrections. He claimed that the last bull market had about 13 drawdowns of 10% or more, while the 2017 bull market had about 13 drawdowns of 12% or more.
At the time of writing, Bitcoin has fallen over the past 24 hours and is trading at around $66,000, according to data from CoinMarketCap.
