Analyst PlanB shared a forecast suggesting that Bitcoin's price could average $500,000 between 2024 and 2028. This prediction has reignited market interest.
PlanB's Bitcoin Price Forecast
PlanB stated that Bitcoin's price might average $500,000 during the current halving cycle, covering the years 2024 through 2028. He reiterated this opinion via a post on X, prompting renewed interest among followers of the Stock-to-Flow model. He provided a range of possible outcomes from $250,000 to $1 million, including midpoint prices such as $300,000 or $600,000. However, he cautioned that the model's predictions should not be seen as guarantees.
Market Metrics Analysis
Fresh data from CryptoQuant and Glassnode revealed insights into Bitcoin's market position. CryptoQuant reported that unrealized profits for long-term holders dropped back to 220%. The realized price for long-term holders was reported at $39,000, indicating potential for growth. Glassnode confirmed that price dips remained shallow, with Bitcoin holding above the $105,100 one-month realized level. Analysts noted that crossing the $140,000 mark would be necessary for gaining new momentum.
Increase in Institutional Holdings
Along with the forecast and price insights, institutions have been significantly increasing their Bitcoin holdings. For instance, Japan-based Metaplanet purchased 1,005 BTC for $108.1 million, increasing its total to 13,350 BTC, making it the fifth-largest corporate holder of Bitcoin. Additionally, Michael Saylor's company, Strategy, added 4,980 BTC for $531.9 million, solidifying its position among leading institutional investors.
The analysis by PlanB and data from institutional investors indicate growing interest and resilience in the Bitcoin market, which may attract new investors in the months ahead.
