Bitcoin has seen a drawdown that has led to speculation that the mini-bull run is over. However, in the long term, there is still a bullish case for digital assets but how much they will be worth remains anyone’s best guess. Analysts have taken to Twitter to share their own predictions, which paint one of the most bullish cases for bitcoin over time.
PlanB Says Bitcoin Under $1 Million Is Possible
In a YouTube video, a pseudonymous analyst known as PlanB on Twitter released a chart showing the expected growth pattern for bitcoin. This chart goes back to the beginning of bitcoin, perhaps showing this growth pattern over the years.
The chart shows the old and new stock-to-flow model, popularly known as the S2F model, as well as the BTC price. Then the relationship in the movement of the three shows the pattern of progress of each person.
With this pattern, PlanB says that the price of bitcoin will be higher than $32,000 in 2024, which is the next year and a half of BTC. On a longer-term basis, the model projects a bitcoin price between $100,000 and $1 million by 2025.
PlanB says $100,000 to $1 million still possible | Source: Twitter
“BTC bottom is in, 2024 half > $32k, 2025 bull market > $100k” scenario could look like this. Note the yellow range estimate of $100k-$1m for 2025,” the analyst said.
Now, this is a variety but PlanB is not the only one that offers a $1 million scenario for BTC. Cathie Wood of ARK Invest also gave a precise prediction for the digital asset, although the CEO applied a longer period (According to 2030).
Can BTC Reach $1 Million?
The figure of $ 1 million is one that has been spoken by several prominent personalities in the space. Others also gave similar forecasts, as in the case of Skybridge Capital CEO Anthony Scaramucci, who believes that the price of digital assets will pass $300,000. Another prediction comes from Jan3’s CEO, Samson Mow, who believes the cryptocurrency will reach $1 million in the next five years.
BTC sees drawdown following upward rally | Source: BTCUSD on TradingView.com
For most of these predictions, the basis and argument behind them is the capped supply of bitcoins. And every halving, the bitcoin supply is reduced, something that PlanB also highlights in its own analysis.
Billionaire Tim Draper predicts that the price of BTC will cross $250,000 but Draper believes that this will come with the adoption of BTC by women. The billionaire noted that women control most of the retail spending power and if they can channel it into BTC by using digital assets to pay for goods and services, he expects the cryptocurrency to “blow past” $250,000.
Bitcoin is currently trading at $22,933 as of this writing. It is down 2.15% in the last 24 hours.