Quant analyst PlanB and Abra CEO Bill Barhydt predict that Bitcoin would reach over $100,000 before 2024. This is due to the success of the previous halving event.
BTC Price Shows Historical Gains
In a twitter post on Sept 1, the creator of the stock-to-flow (S2F) Bitcoin price model mentioned that BTC has performed well in the month of August. Days after, he tweeted that Bitcoin is showing signs of strong bullish movement.
The above chart shows how Bitcoin continues to increase its price from its 2016 halving event to the latest halving earlier this year. It also shows the possibility that one BTC can reach the price of $288,000 before the next halving event in 2024. It goes to show that people still invest in Bitcoin despite the boom of the decentralized (DeFi) market.
The prediction made by PlanB may seem like a long shot for some people within the community. Yet optimists such as Bill who owns Abra, a new type of digital cash payments app and network, supports his claim.
— Bill Barhydt (@billbarhydt) September 10, 2020
As per his tweet, the Bitcoin price will reach $100,000 by the end of 2021. While in defense to those who are questioning where BTC’s price and soon-to-be trillion dollar market cap will come from, PlanB explained that:
Silver, gold, countries with a negative interest rate (Europe, Japan, US soon), countries with predatory governments (Venezuela, China, Iran, Turkey etc), billionaires and millionaires hedging against quantitative easing (QE), and institutional investors [are] discovering the best performing asset [within the] last 10 yrs
Bitcoin Bull Run Is Coming Soon
By all means, the price of bitcoin right now has seen a 2.8% increase in the last seven days. Although different crypto projects are being created from time to time, Bitcoin is still expected to have a comeback and experience its most-awaited bull run as it survives during this time of market downtime.
Notably, the hash rate of the Bitcoin network has attained its all-time high record recently in spite of having a price drop. Analysts and crypto traders are still confident that crypto’s grandfather will persist at a long-term perspective.