{"id":601361,"date":"2024-04-04T22:00:58","date_gmt":"2024-04-04T22:00:58","guid":{"rendered":"https:\/\/wncen.com\/?p=601361"},"modified":"2024-06-11T08:01:51","modified_gmt":"2024-06-11T08:01:51","slug":"bitcoin-100000-in-2024","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-100000-in-2024\/","title":{"rendered":"Crypto Analyst Says Bitcoin Hitting $100,000 In 2024 Is Inevitable, Here\u2019s Why"},"content":{"rendered":"<p><a href=\"https:\/\/bitcoinist.com\/bitcoin-breaks-70000-barrier-investors-speculate-on-100000-target-for-2024\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Pseudonymous crypto analyst PlanB<\/span><\/a><span style=\"font-weight: 400\"> has boldly claimed that Bitcoin will hit $100,000 this year despite the <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-price-etf-outflows-beyond-grayscale\/\"><span style=\"font-weight: 400\">current bearish sentiments<\/span><\/a><span style=\"font-weight: 400\"> around the flagship crypto. He made this statement while providing an in-depth analysis of Bitcoin\u2019s current price action.\u00a0<\/span><\/p>\n<h2>Bitcoin To $100,000 Is \u201cInevitable\u201d<\/h2>\n<p><span style=\"font-weight: 400\">PlanB stated in a video on his YouTube channel that he believes <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-100000-cardano-dead\/#:~:text=Why%20Cardano%20Is%20Dead,non%2Dexistent%E2%80%9D%20on%20it.\"><span style=\"font-weight: 400\">Bitcoin hitting $100,000<\/span><\/a><span style=\"font-weight: 400\"> this year is \u201cinevitable.\u201d Interestingly, he suggested that $100,000 is likely just the starting point for Bitcoin\u2019s price in this market cycle. He noted that the Bitcoin stock-to-flow (STF) indicator hinted at $500,000 being the average price level for Bitcoin.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/shiba-inu\/shiba-inu-to-rally-100-0-000062\/\">Shiba Inu To Rally 100% To $0.000062? Analyst Reveals Why This Is Possible<\/a><\/div>\n<p><span style=\"font-weight: 400\">However, he added that this doesn&#8217;t mean <\/span><a href=\"https:\/\/wncen.com\/bitcoin-news\/important-message-bitcoin-holders\/\"><span style=\"font-weight: 400\">Bitcoin\u2019s price<\/span><\/a><span style=\"font-weight: 400\"> will jump overnight to $500,000. He claims that the Bitcoin top will not come this year but sometime in 2025. Elaborating on what price would signify the top for Bitcoin\u2019s price, PlanB stated that Bitcoin\u2019s price could rise to <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-1-million-btc-prediction-math\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">as high as $1 million<\/span><\/a><span style=\"font-weight: 400\"> from an STF perspective.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The crypto analyst mentioned that Bitcoin needs a top much higher than the $500,000 average level, so $1 million is a huge possibility. PlanB joins a short list of analysts who believe Bitcoin could attain such an ambitious price level. The CEO of Jan3 and Bitcoiner Samson Mow is another individual who has <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-price-reach-1-million\/\"><span style=\"font-weight: 400\">also predicted<\/span><\/a><span style=\"font-weight: 400\"> that Bitcoin could hit $1 million. Unlike PlanB, though, Mow believes such an exponential price surge could happen this year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Mow alluded to the imbalance between <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-demands-exceeds-supply\/\"><span style=\"font-weight: 400\">Bitcoin\u2019s supply and demand <\/span><\/a><span style=\"font-weight: 400\">as the primary reason he holds this belief. He expects Bitcoin\u2019s price to \u201creact accordingly\u201d once miners\u2019 rewards are cut in half during the <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-bull-market-glassnode\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Bitcoin Halving<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<h2>Corrections Are Normal Even In A Bull Market<\/h2>\n<p><span style=\"font-weight: 400\">PlanB warned <\/span><a href=\"https:\/\/bitcoinist.com\/10-bitcoin-supply-bought-above-60000-glassnode\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Bitcoin holders<\/span><\/a><span style=\"font-weight: 400\"> that there would be a lot of volatility in this bull market and that these moves won\u2019t only be to the upside as investors should also expect \u201cmultiple -20% to -30% dips.\u201d He added that this is \u201cvery normal,\u201d and the best thing to do is not to panic at those dips.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/xrp\/xrp-price-is-ready-to-breakout\/\">Analysts Say XRP Price Is Ready To Breakout, Here Are The Targets<\/a><\/div>\n<p><span style=\"font-weight: 400\">PlanB\u2019s statement echoes the sentiments of <\/span><a href=\"https:\/\/bitcoinist.com\/pro-xrp-lawyer-threat-crypto\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Alex Thorn<\/span><\/a><span style=\"font-weight: 400\">, Head of Research at Galaxy Digital, who <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-price-crash-10-69000\/\"><span style=\"font-weight: 400\">warned<\/span><\/a><span style=\"font-weight: 400\"> that the market doesn\u2019t move straight up even in bull markets. Back then, Thorn revealed that there were also significant price corrections in the <\/span><a href=\"https:\/\/bitcoinist.com\/rewards-2021-bitcoin-bull-buyers-finally-break-even\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">2021 and 2017 bull run<\/span><\/a><span style=\"font-weight: 400\">. He claimed there were about 13 drawdowns of 10% or more in the last bull run, while there were about 13 drawdowns of 12% or more in the 2017 bull run.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, Bitcoin is trading at around $66,000, down in the last 24 hours, according to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">data<\/span><\/a><span style=\"font-weight: 400\"> from CoinMarketCap.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/gbFIEHlx\/\" alt=\"Bitcoin price chart from Tradingview.com\" width=\"3286\" height=\"1530\"><\/p>\n<pre style=\"text-align: center\">BTC price at $66,200 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from PCMag, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Pseudonymous crypto analyst PlanB has boldly claimed that Bitcoin will hit $100,000 this year despite the current bearish sentiments around the flagship crypto. He made this statement while providing an in-depth analysis of Bitcoin\u2019s current price action.\u00a0 Bitcoin To $100,000 Is \u201cInevitable\u201d PlanB stated in a video on his YouTube channel that he believes Bitcoin hitting $100,000 this year is \u201cinevitable.\u201d Interestingly, he suggested that $100,000 is likely just the starting point for Bitcoin\u2019s price in this market cycle. He noted that the Bitcoin stock-to-flow (STF) indicator hinted at $500,000 being the average price level for Bitcoin.\u00a0 Related Reading: Shiba Inu To Rally 100% To $0.000062? Analyst Reveals Why This Is Possible However, he added that this doesn&#8217;t mean Bitcoin\u2019s price will jump overnight to $500,000. He claims that the Bitcoin top will not come this year but sometime in 2025. Elaborating on what price would signify the top for Bitcoin\u2019s price, PlanB stated that Bitcoin\u2019s price could rise to as high as $1 million from an STF perspective.\u00a0 The crypto analyst mentioned that Bitcoin needs a top much higher than the $500,000 average level, so $1 million is a huge possibility. PlanB joins a short list of analysts who believe Bitcoin could attain such an ambitious price level. The CEO of Jan3 and Bitcoiner Samson Mow is another individual who has also predicted that Bitcoin could hit $1 million. Unlike PlanB, though, Mow believes such an exponential price surge could happen this year.\u00a0 Mow alluded to the imbalance between Bitcoin\u2019s supply and demand as the primary reason he holds this belief. He expects Bitcoin\u2019s price to \u201creact accordingly\u201d once miners\u2019 rewards are cut in half during the Bitcoin Halving. Corrections Are Normal Even In A Bull Market PlanB warned Bitcoin holders that there would be a lot of volatility in this bull market and that these moves won\u2019t only be to the upside as investors should also expect \u201cmultiple -20% to -30% dips.\u201d He added that this is \u201cvery normal,\u201d and the best thing to do is not to panic at those dips.\u00a0 Related Reading: Analysts Say XRP Price Is Ready To Breakout, Here Are The Targets PlanB\u2019s statement echoes the sentiments of Alex Thorn, Head of Research at Galaxy Digital, who warned that the market doesn\u2019t move straight up even in bull markets. Back then, Thorn revealed that there were also significant price corrections in the 2021 and 2017 bull run. He claimed there were about 13 drawdowns of 10% or more in the last bull run, while there were about 13 drawdowns of 12% or more in the 2017 bull run.\u00a0 At the time of writing, Bitcoin is trading at around $66,000, down in the last 24 hours, according to data from CoinMarketCap. BTC price at $66,200 | Source: BTCUSD on Tradingview.com Featured image from PCMag, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":601381,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-601361","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\n<title>Crypto Analyst Says Bitcoin Hitting $100,000 In 2024 Is Inevitable, Here\u2019s Why<\/title>\n<meta name=\"description\" content=\"Pseudonymous crypto analyst PlanB has boldly claimed that Bitcoin 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. 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