Bitcoin

As Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) is attempting to regain the critical price level at $30,000, exhibiting signs that the winter on the <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">cryptocurrency market</a> 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, <a href="https://finbold.com/topic/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> could reach the price of $100,000 by mid-2024, coinciding with the scheduled <a href="https://finbold.com/bitcoin-halving-one-year-away-when-will-btc-price-spike/" rel="noopener noreferrer nofollow">halving</a>, which will cut in half the reward for <a href="https://finbold.com/guide/bitcoin-mining-guide/" rel="noopener noreferrer nofollow">mining</a> new Bitcoin blocks, according to the stock-to-flow (S2F) model developed by the <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency</a> analyst PlanB and <a href="https://twitter.com/100trillionUSD/status/1654073948282273792" rel="noopener noreferrer nofollow">shared</a> on May 4.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/83fa051caa46457782a3c1e03a932969.png" />Bitcoin stock-to-flow (S2F) model. Source: <a href="https://twitter.com/100trillionUSD/status/1654073948282273792" rel="noopener noreferrer nofollow">PlanB</a>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.<h2 id="header-0">Bitcoin price analysis</h2>As things stand, the maiden decentralized finance (<a href="https://finbold.com/guide/liquidity-mining-definition/" rel="noopener noreferrer nofollow">DeFi</a>) 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.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/4243922d8b6244699967d8e256526699.png" />Bitcoin 30-day price chart. Source: <a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">Finbold</a>Earlier, Finbold <a href="https://finbold.com/bitcoin-forms-super-bullish-pattern-end-of-crypto-winter/" rel="noopener noreferrer nofollow">reported</a> 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 <a href="https://finbold.com/guide/bull-market-definition/" rel="noopener noreferrer nofollow">BULLISH</a> pattern,” as pointed out by a popular Twitter <a href="https://finbold.com/guide/chart-patterns/" rel="noopener noreferrer nofollow">chart pattern</a> analyst Trader Tardigrade.Additionally, another <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> market expert, known on Twitter as Seth, has <a href="https://finbold.com/bitcoin-indicators-point-to-uptrend-a-glorious-2025-in-store/" rel="noopener noreferrer nofollow">highlighted</a> 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 <a href="https://finbold.com/bitcoin-transactions-reach-record-breaking-levels-despite-rising-fees/" rel="noopener noreferrer nofollow">observed</a> by an associate professor at the Harrisburg University of Science and Technology, Farooq Anjum.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Here is when Bitcoin could hit six figures according to the S2F model

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