Bitcoin Predicted to Double by the End of 2024 – Here is Why

Bitcoin recently surged to around $70,000, with PlanB, the creator of the stock-to-flow model, predicting the cryptocurrency could double its value in the next 3-5 months.

PlanB mentioned that Bitcoin miner revenue has stabilized since the Bitcoin Halving 2024 event, reducing the likelihood of miner capitulation and subsequent selling pressure. He expects Bitcoin to reach $150,000 by the end of 2024.

PlanB’s forecast is based on historical mining data and his stock-to-flow model, which evaluates the ratio between Bitcoin’s circulating supply and its annual issuance. Responding to a follower’s query about Bitcoin potentially topping at $140,000, PlanB disagreed, suggesting instead that Bitcoin could average $500,000 between 2024 and 2028.

Miner revenue bottomed after April 2024 halving.
I expect bitcoin price to double from today in 3-5 months. pic.twitter.com/JoiQ4jeE4I

— PlanB (@100trillionUSD) July 29, 2024

Bitcoin ETFs have seen significant inflows over the past three weeks, with analysts expecting this trend to continue. The upcoming US Federal Reserve meeting is anticipated to be a key event for the crypto market, though most investors expect rates to remain unchanged in August, with a possible 25 bps cut in September.

As the US elections approach, further volatility in Bitcoin’s price is expected. PlanB’s predictions are echoed by Spot-on-Chain, which forecasts Bitcoin reaching $100,000 by the end of the year and $150,000 by mid-2025.