• Bitcoin [BTC] hit a milestone of $19,000 in the late hours of 12 January.
• Plan B predicted that the five-month Short Term Holder (STH) count had already crossed into the having billed for 2024, leading to a BTC price of over $32,000 after the 2024 halving.
• Plan B projected that the bull market could return to occur in the following year, predicting the coin price hits $100,000.
The crypto market has been abuzz with excitement after Bitcoin [BTC] hit an unexpected milestone of $19,000 in the late hours of 12 January. This was the highest price of the coin in the past three years, leading to discussions around a possible bull market return.
The optimism behind Bitcoin [BTC] has been unusually high since the coin began 2023 on a bullish note. Having hit $18,000 on 11 January, the number one cryptocurrency in market value followed through with an unexpected landmark.
Plan B, the creator of the stock-to-flow model, suggested that the $15,500 region of November 2022 was the bottom of this cycle. He opined that the five-month Short Term Holder (STH) count had already crossed into the having billed for 2024. This would lead to minimal pullbacks and a BTC price of over $32,000 after the 2024 halving.
The on-chain analyst also projected that the bull market could return to occur in the following year, predicting the coin price hits $100,000. He discussed the correlation between Bitcoin [BTC] and the traditional markets, as well as the UTXO condition, noting that this could potentially halt the coin’s uptrend.
Overall, the crypto market has been highly optimistic about Bitcoin [BTC], and with the coin’s recent milestone, many are expecting that the bull market could return soon. With Plan B’s prediction of a $32,000 BTC halving price and a new ATH in 2025, the crypto community is looking forward to the future of the coin and the entire market.