Bitcoin Explosive Potential: Price Model Suggests BTC Could Reach $1 Million After 2024 Halving

Despite Bitcoin (BTC) currently experiencing a period of sideways trading, the majority of the crypto industry remains optimistic about its potential for substantial price growth in the future. Many view the upcoming halving event in 2024 as a potential catalyst that could boost the value of the pioneering cryptocurrency.

Crypto trading analyst PlanB recently discussed ious pricing models in a YouTube video on July 28, which suggests the possibility of Bitcoin reaching the $1 million mark. He emphasized historical price surges following previous halving events, particularly focusing on the Stock-to-Flow (S2F) model.

PlanB provided further details about the importance of the model and its connection to Bitcoin’s scarcity and price. He emphasized that the S2F model has shown a significant link between Bitcoin’s scarcity and market value.

The model’s fundamental idea is based on the belief that scarcity is a key factor in determining Bitcoin’s price, and it quantifies this scarcity through the Stock-to-flow ratio. PlanB asserts that historical data from previous halving events supports the model’s claim that the price of Bitcoin tends to rise as a result of the increased scarcity brought about by these events.

Bitcoin Valuation in 2024: Insights from the Model

The valuation of Bitcoin in 2024, as per the model, is noteworthy as it suggests the cryptocurrency should be trading around the $60,000 range, potentially eliciting emotional reactions from investors. In the short term, the model projects that the main support base towards the $1 million mark could be at the $100,000 level, which it believes can be attained by 2024.

Interestingly, this $100,000 price projection aligns with a previous report by CNF, where Google’s generative artificial intelligence tool, Bard, made the same prediction. Bard cited PlanB’s S2F model, which indicates Bitcoin’s value at $100,000 in 2024.

Furthermore, technical indicators suggest that Bitcoin is following patterns similar to previous pre-halving periods, followed by significant bullish price rallies for the cryptocurrency. Overall, the halving event is a crucial milestone in Bitcoin’s journey toward reaching its next all-time high price valuation.

Bitcoin’s Narrow Range and Stagnant Performance

Bitcoin (BTC) starts a new week with its price hovering around $29,392, experiencing one of its narrowest-ever ranges for the monthly close. Traders have been frustrated or uninterested due to the lack of significant price movements in the past week, leading to speculation about a potential breakout.

As the new week begins, market participants ponder the possibility of increased volatility during the July monthly close. While some believe that Bitcoin might be due for a decline, data indicates that buying pressure is returning at current price levels. Moreover, the potential confirmation of a long-term bull flag on the monthly close provides hope for Bitcoin bulls.

Bitcoin price watchers have found themselves restricted to a range spanning from $29,000 to $29,500, and this corridor is still prevailing. Although the weekly close presented sudden upward and downward movements, a clear short-term trend is absent.

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