Bitcoins Golden Projection: Analyst Envisions $600K Price Tag, Assessed In Gold Ounces
Renowned Bitcoin analyst PlanB, known for his stock-to-flow model for BTC, has made a bold prediction regarding the future price of BTC. What sets this forecast apart is its evaluation in terms of gold ounces, shedding light on a unique perspective.
The PlanB Projection: Bitcoin Meteoric Rise
According to PlanBs recent post on X, he foresees a monumental shift in Bitcoins value, expected to rise significantly in the coming years. Drawing a comparison with gold, PlanB highlighted that currently, one Bitcoin is equivalent to 26 ounces of gold, valuing an ounce of gold at $2,000.
Bitcoin = 26 ounces of Gold. It would surprise me if BTC would stay below 100 ounces of Gold in 2024/2025. pic.twitter.com/IghU4u7gCy
PlanB (@100trillionUSD) February 19, 2024
Looking ahead to 2024-2025, PlanB predicts that Bitcoins price could skyrocket to roughly 100 gold ounces, translating to $200,000 in fiat currency terms.
Delving deeper into the charted trajectory, PlanB anticipates Bitcoin to climb to 35 gold ounces ($70,000) by 2024 and surge to 300 gold ounces by 2025. This projection would place Bitcoins value at a price target of $600,000, marking a monumental milestone in its journey.
Correct. And more if gold price rises too.
PlanB (@100trillionUSD) February 19, 2024
Bullish Momentum Fuels Bitcoins Rise
As Bitcoin continues to capture the attention of investors, recent weeks have witnessed a notable bullish momentum propelling the cryptocurrency forward. With a surge of more than 20% over this period, Bitcoin has crossed the $1 trillion market cap threshold, accompanied by a trading volume hovering above $20 billion in the past week alone.
This surge in activity has ignited optimism among investors and traders, leading to a significant accumulation of the asset. Notably, Whale Alert data reveals that earlier today a substantial withdrawal of approximately $962.15 million from the leading US crypto exchange, Coinbase, to an undisclosed address, underscoring the heightened interest in Bitcoin.
9,322 #BTC (485,247,899 USD) transferred from #Coinbase to unknown new wallethttps://t.co/AEyqa8qFQ9
Whale Alert (@whale_alert) February 19, 2024
Meanwhile, the Bitcoin open interest has surged to over $24 billion, marking a 50% increase since the start of 2024. This surge in open interest, a metric representing the total value of outstanding derivative contracts, signifies heightened market activity and interest in Bitcoin futures and options trading.
Notably, this surge in open interest levels has not been witnessed since the peak of Bitcoins price in November 2021 when it soared to an all-time high of $69,000.
JUST IN: #Bitcoin futures Open Interest hits highest level since 2021 bull market. pic.twitter.com/TseW6AosaN
Bitcoin Archive (@BTC_Archive) February 19, 2024
This trend has been consistent across various crypto exchanges, with platforms like CME, Binance, and ByBit leading the charge and commanding over 50% of the open interest in the market, according to data from Coinglass,
Featured image from Unsplash, Chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
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