Bitcoin price could be trading at double its current value in the next three to five months, according to Plan B, crypto analyst and creator of the stock-to-flow (S2F) model.
Plan B’s Bitcoin (BTC) price projection comes as the digital asset breaks the $70,000 price level. According to the analyst, one metric stands out and is what suggests BTC could be hovering around $140,000 by November.
Plan B on Bitcoin price in 2024
On July 29, commenting on the price of bitcoin after the surge observed over the weekend, Plan B wrote on X that Bitcoin’s miner revenue had bottomed following the April 2024 halving.
“I expect bitcoin price to double from today in 3-5 months,” the analyst wrote.
Plan B sees this as the likely scenario based on the historical miner revenue, which currently shows miner capitulation is over.
“Miner revenue bottomed means less profitable miners stopped. Only the most profitable miners (with newest equipment and lowest power cost) survived, the battle is over, difficulty will pump from here. And investors will take over pricing (based on a doubled S2F ratio),” Plan B explained.
You might also like: Miner capitulation looms if Bitcoin fails to recover significantly, CryptoQuant says
Analysts are bullish on BTC
Bitcoin surged to above $73k in March 2024, hitting the current all-time high as spot Bitcoin ETFs and halving momentum catalyzed upside momentum. However, the top coin plunged to under $60k in June as miners selling amid reduced revenue hit prices.
Further sell-off pressure from the German government’s BTC dump, crypto market’s reaction to the broader macro environment, and Mt. Gox news pushed Bitcoin price to lows of $55,600 in early July.
Analysts are now bullish on BTC rebounding higher, with potential catalysts including the upcoming U.S. election and further clarity in crypto regulation. Meanwhile, U.S. Senator Cynthia Lummis announced plans to introduce a Bitcoin reserve bill, and Trump said his administration would support such a move if he wins a second term in November.
Tron founder Justin Sun commented that China also needs to act, noting policy competition around this topic between China and the U.S. will benefit crypto.
China 🇨🇳 also needs to step up. Since President Trump pushed for Bitcoin, U.S. 🇺🇸 policies have warmed. China should make further progress in this area. Competition between China and the U.S. in Bitcoin policy will benefit the entire industry. 👏
— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 28, 2024
Also, speaking at the Bitcoin 2024 conference in Nashville on July 26, Michael Saylor offered a bull case scenario where BTC price hits a staggering $49 million in 2045.
Read more: Bitcoin 2024 day 2 recap: Saylor’s vision, RFK’s remarks steal the show in Nashville
