PlanB, the famous quantitative analyst, is updating his prediction on Bitcoin (BTC) following the strong rally that started in the year 2023.
In a tweet shared with his teeming followers on Twitter, PlanB said Bitcoin, the largest cryptocurrency by market cap, has finally bottomed after a long negative trend.
The analyst is popularly known for his stock-to-flow Bitcoin model that predicts the change in value of an asset by comparing its current price to the rate at which its supply is generated.
According to PlanB, the model failed last year. However, it remains intact and currently indicating a Bitcoin price explosion to $1 million by the end of 2025.
The analyst also stated that the flagship crypto is now ready to beat $32,000 resistance level, leading up to 2024 BTC halving event when supply will be decreased by 50%. He further predicted that Bitcoin will surpass $100,000 in 2025.
PLanB tweeted, “BTC bottom is in, 2024 halving >$32k, 2025 bull market >$100k” scenario could look like this. Note the $100k-$1m yellow range estimate for 2025.”
"BTC bottom is in, 2024 halving >$32k, 2025 bull market >$100k" scenario could look like this. Note the $100k-$1m yellow range estimate for 2025. I explain this scenario/chart here: https://t.co/2OqA6OTRWt pic.twitter.com/ckj9x6NWb0
— PlanB (@100trillionUSD) January 30, 2023
PlanB is also coming out against a group of analysts who are calling the early-year rally a bull trap. In a new strategy session video, he tells his 23,600 Youtube subscribers that the bull market has begun.
“We’re currently in the next bull run. The next bull run has started. This is not a bull trap, but a bull market.”
At the time of filing this report, BTC is trading at $23,526, with a 1.24% price downtrend in the last 24 hours.