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Bitcoin already sees a drawdown that triggered speculation that the minibull race has ended. However, in the long run, there is still a bullish case for the digital asset, but how the price is going to go is still the best estimate of anyone. An analyst took to twitter to share their own forecasts, which painted one of Bitcoin's most optimistic cases over time.
PlanB says Bitcoin at $1M is possible.
In a YouTube video, the pseudonymous analyst known as PlanB on Twitter laid out a chart that showed an expected growth pattern for bitcoin. The graph follows until the very beginning of Bitcoin, no doubt to show that growth model in action over the years.
The graph shows an old and new stock-to-flow model, commonly called the s2f model, together with the btc price. It then links in the movement of these three shows a progression scheme of each.
According to this model, planb stated that the price of Bitcoin will probably be above $32,000 in 2024, which is the year of the next half BTC. On a much longer basis, the model places Bitcoin's price between $100,000 and $1 million in 2025.
PlanB says $100,000 to $1 million still possible | Source: Twitter
“BTC bottom is in, 2024 halving >$32k, 2025 bull market >$100k” scenario could look like this. Write down the estimate for the yellow range from $100,000 to $1,000 for 2025," said the analyst.
Now, it's a broad range, but plan B is not the only one that came up with this $1 million scenario for CTB. Cathie Wood of ark invest also gave that exact prediction for the digital asset, even if the CEO puts it over a much longer period (by 2030).
Is it possible for BTC to really reach $1 million?
The figure of $1 million is a figure that has been picked up by a number of outstanding figures in space. Others have also made equally optimistic predictions, as in the case of the CEO of Skybridge Capital, Anthony Scaramucci, who thinks that the price of digital assets will go through $300,000. Another prediction comes from the President and Chief Executive Officer of Jan3, samson mow, who believes that the cryptocurrency will reach $1 million in the next five years.
BTC sees drawdown following upward rally | Source: BTCUSD on TradingView.comFor most of these forecasts, the foundation and argument behind them was Bitcoin's capped offer. And with every half, the supply of Bitcoin is reduced, something planb also points out in its own analysis.
Billionaire Tim Draper predicted that the price of BTC would exceed $250,000, but Draper believes that this will come with women adopting BTC. The billionaire notes that women control most of the retail spending power and once they are able to direct that toward btc by being able to use the digital asset to pay for goods and services, then he expects that the cryptocurrency will "blow through" 250,000 dollars.
Bitcoin is currently being negotiated at $22,933 at the time of this entry. It has decreased by 2.15 per cent over the past 24 hours.
