PlanB tables its prediction for Bitcoin in March 2024

Bitcoin was trading at around $71,000 at the time of writing this article. There is speculation that the token may navigate all the way to $85,000 or $92,000 by the end of this month. There is an expectation that there will be a significant dip before BTC can take such a huge jump. PlanB, for one, has put forward its S2F analysis to support that the token is poised to rise in the near future.

S2F analysis, an acronym for the stock-to-flow model, has suggested that there is exponential growth waiting for BTC, which will continue for a while. This has sparked enthusiasm among the members of the community. Notably, the estimate is only a prediction and is still subject to volatility and uncertainty. PlanB has acknowledged that the rise in realized price, or cost base, is growing, but at a pace of 5–10% every month. PlanB has further compared the current market to the times of October 2022, the beginning of 2017, and all the way to the middle of 2012.

Some members have pointed out the deficiencies in the S2F model. They have said that one can only generate ideas for a general direction and not the price, like $500k, during 2024–2028 on average. Plan B acknowledged this and added that a wide error margin may also play a role in deciding the actual price.

John Glover, the Chief Investment Officer at Ledn, has backed the speculation. John has said that the next high could possibly be at $92,000; however, it will follow only a phase of price correction. That is a time when the price will significantly dip before jumping to the roof.

John further said that retail players, a possible reference to retail investors, have just started to enter Bitcoin via ETFs, and the next big entry could happen along with Bitcoin Halving.

Not everyone approves of the PlanB-architected model. Fred Krueger, a notable Bitcoin investor, has argued that the model is completely wrong and must be removed from the market.

While Fred has sought the removal of the S2F model, he has not specifically denied the possibility of BTC ever surpassing the milestone of $85,000. Analysts have even extended their beliefs on BTC by saying that the token has the capability to reach $100,000 by the end of 2024. Later, they raised that level to $120,000 and then to $150,000. Simply put, Bitcoin is very likely to rise in the future. With $150k in the picture, there is speculation that achieving $100k is very certain for BTC. Assuming it actually inches closer to $95,000 around Bitcoin Halving, it will pave the way for BTC to end the year on a very high note.

Nevertheless, it is recommended to conduct a risk assessment before diverting funds to Bitcoin or any other crypto, for that matter.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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