Bitcoin surged around 8% to $45,900 to start 2024, reaching its highest level since March 2022. Continued rising trading volumes for stablecoins Tether (USDT) and FDUSD indicate huge demand in the crypto market. Ethereum (ETH) also gained more than 6% to reach $2,431. Crypto analysts are generally optimistic about the price of BTC to reach $50,000.
The creator of the Bitcoin Stock-to-Flow (S2F) model, PlanB has shared his view on the BTC price for 2024. He informed that his 2024 view is the same as what he said a year ago when Bitcoin was trading near $20,000.
PlanB believes that the price of BTC will rise in response to the Bitcoin halving event which is believed to occur in April 2024. The halving will take place at block 840,000, which is expected to occur on April 23 according to the Bitcoin halving calculation.
S2F model predicts BTC price around $55,000 ahead of Bitcoin halving. Based on historical data, the price of BTC sees a huge increase after every Bitcoin halving event. After the last halving in May 2020, Bitcoin experienced an increase of more than 1200% in a year.
He personally believes that the price of BTC will reach $100,000 in 2024. Matrixport and Standard Chartered predict that the price of BTC will soar above $120,000 by the end of the year. The S2F model even targets the BTC price to reach $1 million by the end of 2025.
Crypto analyst Michael van de Poppe expects a continuation of the uptrend towards $48,000-51,000. The level is seen as a resistance level with large volatility expected during the Spot Bitcoin ETF agreement between January 5-10.
