Plan B Predicts Big Things for BTC
The analyst has announced that sometime within the next one to 1.5 years, bitcoin will ultimately shoot up to $100,000 per unit. According to Plan B, the halving is placing bitcoin on a new bullish run that will take it into six-figure territory for the first time in its short, yet significant history. Such massive price spikes have been expected for some time, and while the currency’s reaction to the event has been relatively slow over the past few weeks, bitcoin still has quite a bit of time to prove itself.
The stock-and-flow pricing model that Plan B has invented works to assess a commodity’s price based on how much already exists and how many new units of that commodity are entering the market each day. As it turns out, the halving has ultimately made bitcoin rarer. There is far less being handed out to miners, and their digital rewards have shrunk to their lowest levels.
At the same time, approximately 18 million of the world’s BTC units have already been extracted and are now in circulation, meaning the final three million left is being eyed by analysts and traders everywhere as digital gold. The halving has provided a level of scarcity to bitcoin that hasn’t been seen in the coin’s history yet, which means its price and value could surge in the coming months.
In a statement, Plan B mentions to all his followers:
Somewhere between a year and a year-and-a-half after the [May 2020] halving, so say before Christmas 2021, bitcoin should be, or should have been, above $100,000. If that’s not the case, then all bets are off, and [the model] probably breaks down. I don’t expect that to happen.
Other figures in the crypto space offer similar sentiment. Partners at Andreessen Horowitz Chris Dixon and Eddie Lazzrin explained in a blog post that they think the halving marks the end of what could have easily been a recent crypto winter. They think that the space is about to reach immeasurable heights, and it will all begin with bitcoin spiking to levels nobody could have anticipated.
Others Believe the Same Thing
The 2017 cycle spawned dozens of exciting projects in a wide range of areas including payments, finance, games, infrastructure, and web apps. Many of these projects are launching in the future, possibly driving a fourth crypto cycle.
Plan B is not the first, nor is he the only figure out there to suggest that the halving is the start of something big for BTC. Bitcoin IRA recently put out a new report that says the halving will push BTC to $280,000.