‘I expect BTC price to double in 3-5 months’

Bitcoin price could double from its current value in the next three to five months, according to crypto analyst and creator of the stock-to-flow (S2F) model Plan B.

Plan B’s Bitcoin (BTC) price projection comes as the digital asset surpasses the $70,000 price level. According to the analyst, one metric stands out and suggests that BTC could hover around $140,000 by November.

Plan B for Bitcoin price in 2024

On July 29, commenting on the weekend Bitcoin price surge, Plan B wrote on X that Bitcoin’s miner revenue will bottom out after the April 2024 halving.

“I expect the Bitcoin price to double in 3-5 months from today,” the analyst wrote.

Plan B thinks this is the likely scenario based on miners’ historical revenues, which currently suggests that miner capitulation is over.

“Miner revenue bottoming out means less profitable miners will stop. Only the most profitable miners (with the newest equipment and lowest power costs) survive, the war is over, difficulty will increase from here. And investors will take over pricing (based on a doubled S2F rate),” Plan B explained.

Analysts are optimistic about BTC

Bitcoin reached its current all-time high above $73,000 in March 2024, with spot Bitcoin ETFs and halving momentum catalyzing the upward momentum. However, the largest coin fell below $60,000 in June as miners sold off amid declining revenues, affecting prices.

Selling pressure from the German government’s BTC sales, the cryptocurrency market’s reaction to the broader macro environment, and the Mt. Gox news sent the Bitcoin price down to $55,600 in early July.

Analysts now believe BTC is set to surge even higher, with possible catalysts including the upcoming US elections and greater clarity on crypto regulations. Meanwhile, US Senator Cynthia Lummis announced plans to introduce a Bitcoin reserve bill, with Trump saying his administration would support such a move if he wins a second term in November.

Tron founder Justin Sun stated that China should also take action and said that the policy competition between China and the US around this issue will benefit crypto.

China 🇨🇳 also needs to take action. Since President Trump supported Bitcoin, US 🇺🇸 policies have heated up. China should make more progress in this area. Competition between China and the US in Bitcoin policy will benefit the entire industry. 👏

— HE Justin Sun 孙宇晨 (@justinsuntron) July 28, 2024

Also speaking at the Bitcoin 2024 conference held in Nashville on July 26, Michael Saylor presented a bullish scenario that the BTC price will reach $49 million in 2045.