Crypto analyst PlanB has revealed a bullish prediction for Bitcoin. According to him, the king coin could hit $288,000 by 2024.
PlanB recently published a blog post where he introduced the stock-to-flow cross-asset (S2FX), model. This model is an improvement of his earlier stock-to-flow (S2F) model which he revealed last year.
The S2FX model combines gold and silver in the calculation of the Bitcoin prediction. The original model predicts Bitcoin based on a comparison between the number of new coins entering the market, and the volume of its existing supply.
The S2F model puts Bitcoin at $55,000 after the upcoming halving in May. It also puts Bitcoin’s market cap at $1 trillion. With the S2FX, Plan B now believes that Bitcoin could hit $288k.
He also explains this based on ‘phase transitions.’ According to the publication, Bitcoin has seen phase transitions since inception. According to him, the first one was the proof of concept phase, shortly after the Bitcoin white paper was released. The second phase is the payments phase, where 1BTC equals $1. The third is the E-Gold phase which happened after the 1st halving when 1 BTC was almost at parity with 1 ounce of gold. The last phase, financial asset, was after the second halving, where Bitcoin hit daily transaction records of $1 billion.
Early last month, Bitcoin seemed to align with the S2F model.
Image Credits: Pixabay
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