Quant analyst PlanB believes Bitcoin (BTC) could reach six figures before the end of 2024.
Miner Revenue Recovery
According to PlanB, Bitcoin’s price is likely to double to recover the revenue losses miners experienced due to the April halving. “The only way for mining revenue to recover is the price doubles,” he said. “So estimating from current price of $60,000, we should be well above $100,000 this year.”
Stock-to-Flow Model
PlanB’s stock-to-flow model also suggests that BTC will hit a price target of $500,000 within the next four years. “The 2024-2028 target is still around $500,000 on average,” he said.
Exponential Returns
PlanB believes that exponential returns will continue until Bitcoin reaches 50% adoption. “I think stock-to-flow is still valid. I think we will have exponential returns at least until 50% adoption and we’re now at somewhere between 1% and 10%,” he said.
Bitcoin is currently trading at $62,868, up 6.5% in the last 24 hours.
