Bitcoin Price May Hit $288,000 Before 2024, Popular BTC Model Suggests

Despite struggling to breach $10,000, Bitcoin is still right on track, according to a new update to the popular Stock-to-Flow (S2F) model. The model’s creator said the current behavior is a required activity and if BTC stayed true to S2F, the price could reach $288,000 between 2020 and the next bitcoin halving.

Creator "PlanB" updated his S2F model, called it BTC S2F Cross Asset Model (S2FX), and explained Bitcoin is traversing the exact path predicted that it would take before the next bull run. The model makes use of colored dots to represent BTC’s price action in relation to the next Bitcoin halving.

Currently, the dots on the model are colored red and historically, red-colored dots precedes a major bull run.

The chart also showed the next bull run could start before the year ends.

While the current price levels are not exciting to traders and investors, PlanB said Bitcoin’s monthly returns have been asymmetrical in the last halving period and, with that, he expects that a +30% solid monthly gain could catapult Bitcoin to the $12,000 level.

S2F is a highly popular model in the crypto community as it measures Bitcoin issuance each block in relation to the cryptocurrency’s existing supply. It has been highly accurate so far save for the March 12 crash, which PlanB believed is the result of the coronavirus crisis and will not be a permanent feature of Bitcoin.

PlanB’s S2F predicts a price of $30,000 per BTC before 2020 ends and promised to throw the model altogether if its prediction fails. While also bullish, Bloomberg’s Crypto Market Report had a slightly lower target of $20,000 before the year ends, although both models suggest Bitcoin’s price before 2021 will be higher than today’s price.

The S2F model is also correctly predicting the current sideways range that Bitcoin is traversing. However, while S2F is bullish, some analysts are presenting bearish sentiments for the world’s largest cryptocurrency. The correlation with the S&P 500 continues to be a concern and that could point Bitcoin to a downward trajectory in the short term. Analyst Tone Vays even predicted Bitcoin will not exceed $10,000 until 2021, still citing stock market correlation and bearish economic forecast.