A popular cryptocurrency analyst under the pseudonym PlanB, the author of the “stock-to-flow” model, again emphasized his confidence in the massive growth of Bitcoin in 2023 or at least 2024.
The “stock-to-flow” model is built on the ratio of the amount of an available asset and its price. Considering that Bitcoin periodically undergoes halvings, the model speaks of a large-scale growth of the first cryptocurrency. The analyst emphasized that he was confident in this model. It can only fail if “Bitcoin just dies.”
“If we assume that the 2019 model is correct, then given the price of bitcoin after the halving around $55,000, we will see an increase at the next halving. I take a very wide range, although many do not like it, but bitcoin will cost from $100,000 to $1 million. I am sure of this, so the current prices for BTC are just very profitable,” PlanB said during an interview with analyst Scott Melker (Scott Melker ).
As for the short term, according to PlanB, bitcoin will hit the bottom within the next three weeks. The analyst draws his conclusions on the basis of previous cycles of growth and fall of the first cryptocurrency.
Earlier, analysts at the cryptocurrency exchange Coinbase warned that due to the collapse of the Terra ecosystem and the bankruptcy of the FTX exchange, the crisis in the cryptocurrency market could last until the end of 2023.
