According to established investor and cryptocurrency analyst PlanB, the price of $ 288,000 per Bitcoin (BTC) is still up to date. According to his forecast, Bitcoin will reach $ 288,000 in the next three years. At the same time, we will see $ 100,000 per Bitcoin this year. He expressed this opinion after the price of BTC dropped below $ 35,000 on June 12.
In a recent tweet, the celebrated analyst said that there is no doubt that Bitcoin’s bull rally will continue. Furthermore, he shows that if Bitcoin remains at its current level at this stage, it will not come as a surprise to him. However, in the future, we can still see extremely high Bitcoin prices and $ 288,000 per coin are still in play despite the recent bearish Bitcoin price movement. Specifically, he believes that Bitcoin could hit $ 288,000 per coin, even if the largest cryptocurrency falls more than 50% from its all-time high, reached not too long ago.
Surprisingly accurate S2FX model
Due to the current situation, many investors believed that Bitcoin was now heading towards a bear market. Which means that the price predictions made by PlanB may already be rejected. However, PlanB reached out to its followers explaining why the S2FX model is still in use.
PlanB added that now that markets are in a constant financial crisis, investors are looking for safe haven assets. For example, some investors sell their gold or real estate to get Bitcoins.
PlanB also mentioned precious metals, namely copper, platinum, palladium and others, arguing that they are not held as monetary assets and therefore their S2F value is low. They do have value, but it is mainly based on their industrial use.
It will be surprising if PlanB turns out to be wrong. Because the model he developed for several years predicted the growth chart of Bitcoin with unique accuracy.
He compared Bitcoin’s current growth parabola to 2013 and 2017. He believes that they are indeed very similar, which is another signal of the subsequent growth of BTC. In addition, he noted that the current decline in prices is just the usual inertia after the halving.
Bloomberg analyst Mike McGlone supported PlanB’s optimism on Bitcoin growth
Bloomberg analyst Mike McGlone echoed PlanB’s optimism about the impact of halving. On Saturday, he described the decrease in the available Bitcoin for purchase as a “bullish ace in the sleeve” of the largest cryptocurrency, which should definitely have a positive effect on the price.
The analyst expressed his bullish sentiment amid news that 90% of the Bitcoin network hashrate voted to activate the Taproot network upgrade, the most important upgrade in four years. In November, Taproot will bring with it many enhancements that will improve network scalability and security.