Bitcoin (BTC) prices rebounded to around $70,000 on July 29, 2024. However, renowned analyst PlanB predicts that Bitcoin prices will soar even higher in the coming months.
PlanB, known for his nearly two million followers on X (formerly Twitter), uses a price prediction model called Stock-to-Flow (S2F) to forecast Bitcoin prices.
In his recent post, he utilized data on Bitcoin miners' revenue, reporting that "miners' revenue bottomed out in April 2024" and predicting that "Bitcoin prices will double in the next 3-5 months."
PlanB explained this prediction by stating, "The bottoming out of miners' revenue means that low-profit miners have exited the market." He noted that only highly profitable miners with the latest equipment and low electricity costs are currently operational.
Low-profit miners might sell mined BTC to cover equipment and electricity costs. This selling pressure from miners is a major concern in the cryptocurrency industry. However, since smaller miners have potentially exited, there's a possibility that prices will begin to rise again.
If Bitcoin prices double from the current rate, it would reach $140,000. PlanB emphasized that his prediction means "BTC prices will reach $140,000 within the next five months."
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