Bitcoin’s Golden Projection: Analyst Envisions $600K Price Tag, Assessed In Gold Ounces
20 Fevereiro 2024 - 12:00AM
NEWSBTC
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 PlanB’s recent post
on X, he foresees a monumental shift in Bitcoin’s 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 Bitcoin’s
price could skyrocket to roughly 100 gold ounces, translating to
$200,000 in fiat currency terms. Related Reading: 16,000 Bitcoin
Dormant Since 5+ Years Suddenly Moves, What’s Going On? 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 Bitcoin’s 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
Bitcoin’s 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.
Related Reading: Bitcoin Open Interest Reaches $69,000 ATH Levels,
What This Means For Price Notably, this surge in open interest
levels has not been witnessed since the peak of Bitcoin’s 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
Optimism (COIN:OPUSD)
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Optimism (COIN:OPUSD)
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