Bitcoin had a rough start in May as its upward trajectory appears to have reached its peak after a bullish quarter.
However, prominent crypto analyst PlanB predicts that the average price of the world’s largest cryptocurrency could reach around $500,000 from 2024 to 2028, according to his Stock-to-Flow model.In his latest analysis, PlanB stated that bitcoin’s performance in April revealed a closing price of $60,632, marking the end of the previous halving cycle. This closing price essentially indicates the completion of a cycle.
Despite falling slightly below the Stock-to-Flow model’s prediction of $55k, the average price over the 2020-2024 halving cycle stands at $34k. His analysis of May signals the start of a new countdown to the next halving.This was the last blue dot . Average price 2020-2024 halving cycle $34k . May will be the first red dot, the start of the new countdown to the next halving .The analyst’s S2F model also predicts around $500K for the 2024-2028 period.
The crypto hedge fund also noted that this could suggest that institutional interest in crypto may be more concentrated in the US, while Asian interest leans towards private wealth and local dominance. Additionally, with Amazon earnings and the sentencing of Binance founder and former CEO CZ“The market is trading heavy on the back of this with BTC touching 61k and ETH close to 3k.
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