Bitcoin (BTC) could be looking at six figures as it nears one of the most important events since its inception.
As Bitcoin (BTC) is attempting to regain the critical price level at $30,000, exhibiting signs that the winter on the cryptocurrency market is finally over, the flagship digital asset could be looking at six figures as it nears one of the most important events since its inception – the halving.
Indeed, Bitcoin could reach the price of $100,000 by mid-2024, coinciding with the scheduled halving, which will cut in half the reward for mining new Bitcoin blocks, according to the stock-to-flow (S2F) model developed by the cryptocurrency analyst PlanB and shared on May 4.
Bitcoin stock-to-flow (S2F) model. Source: PlanB
Specifically, the author pointed out the blue section of the chart, which represents the months leading up to the halving, suggesting that Bitcoin is “getting closer to the halving (April 2024)” and that “halvings (dark blue) are usually on S2F model line (grey),” indicating that a significant price gain typically follows the event.
Bitcoin price analysis
As things stand, the maiden decentralized finance (DeFi) asset is currently changing hands at the price of $29,174. This represents an increase of 2.28% in the last 24 hours, a 2.90% gain over the previous seven days, adding up to the positive change of 4.89% on its monthly chart.
Bitcoin 30-day price chart. Source: Finbold
Earlier, Finbold reported on Bitcoin forming a rising wedge at the end of its recent downtrend, a pattern that can identify potential trend reversals and that, in this case, it represents a “super BULLISH pattern,” as pointed out by a popular Twitter chart pattern analyst Trader Tardigrade.
Additionally, another crypto market expert, known on Twitter as Seth, has highlighted that Bitcoin’s monthly accumulation indicators are “showing we are starting to trend up,” as well as announcing a “glorious” 2025 for his long-term Bitcoin position, adding that the target price range for Bitcoin at that time in the future currently stands at $150,000 – $250,000.
At the same time, Bitcoin transactions have reached record-breaking levels despite increasing fees, which are necessary “to account for the halving in order to justify the cost of mining if the Bitcoin price does not double next year,” as observed by an associate professor at the Harrisburg University of Science and Technology, Farooq Anjum.
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