A cryptocurrency analyst with the pseudonym PlanB boldly claimed that Bitcoin will reach $100,000 this year despite the current bearish sentiment around the flagship cryptocurrency. He made this statement while providing an in-depth analysis of Bitcoin's current price movement.
Bitcoin reaching $100,000 is 'inevitable'
PlanB said in a video on his YouTube channel that he believes Bitcoin hitting $100,000 this year is “inevitable.” Interestingly, he suggested that $100,000 would likely be just the starting point for the Bitcoin price in this market cycle. He noted that the Bitcoin Stock Flow (STF) indicator hinted at $500,000 as the average price level for Bitcoin.
However, he added that this does not mean that the price of Bitcoin will jump to $500,000 overnight. He claims that the Bitcoin peak will not come this year but sometime in 2025. Explaining the price that will mark the Bitcoin price peak, PlanB stated that the Bitcoin price could rise to $1 million from an STF perspective.
The cryptocurrency analyst stated that Bitcoin needs a much higher top than the $500,000 mid-level, so $1 million is a high possibility. PlanB joins a short list of analysts who believe Bitcoin could reach this ambitious price level. Jan3 and Bitcoin CEO Samson Mow is another person who also predicted Bitcoin could reach $1 million. Unlike PlanB, Mo believes such a massive price increase could happen this year.
Mo alluded to the imbalance between supply and demand in Bitcoin as the main reason for his belief. He expects the Bitcoin price to “react accordingly” once miner rewards are halved during the Bitcoin halving.
Corrections are normal even in a bull market
PlanB warned Bitcoin holders that there will be a lot of volatility in this bull market and that these moves will not only be to the upside, as investors should also expect “multiple declines of -20% to -30%.” He added that this is “pretty normal” and the best thing to do is not to panic at those lows.
PlanB's statement echoes the sentiments of Alex Thorn, head of research at Galaxy Digital, who cautioned that the market does not move straight up even in bull markets. At the time, Thorne revealed that there were significant price corrections to the upside of 2021 and 2017. He claimed that there were about 13 drawdowns of 10% or more in the recent bull run, while there were about 13 drawdowns of 12% or more in the 2017 bull run.
At the time of writing, Bitcoin is trading at around $66,000, down over the past 24 hours, according to data from CoinMarketCap.
