Key Points
- Industry experts predict Bitcoin [BTC] to breach its current price range before the year ends.
- Robert Kiyosaki predicts Bitcoin to reach $350K per BTC in the next two months.
Bitcoin [BTC] is expected to break its current price consolidation range of $60K – $71K before the end of the year, according to industry experts and market analysts. Mike Novogratz of Galaxy Digital predicts a $100K target for the end of 2024 if the $73K ATH is cleared.
Meanwhile, crypto analyst PlanB sees $500K per BTC as a possible feat in the current market bull run. However, entrepreneur and author Robert Kiyosaki has made a bold prediction of $350K per BTC in the next two months.
Kiyosaki’s Bold Prediction
Kiyosaki believes this prediction is possible due to ‘the incompetence of our leaders, President Biden, Treasury Secretary Yellin, and Fed Chair Powell.’ However, another renowned crypto analyst, Willy Woo, deems Kiyosaki’s projection to be too bold to be achieved within such a short timeframe.
Woo suggests that the move to $350K per BTC would mean 5X in two months. He sees this as statistically possible in 2025 if monetary debasement resumes. He sees almost no chance of this happening in 2024 outside of a bullish black swan.
Stock-to-Flow Model
The Stock-to-Flow (S2F) model supports Woo’s argument. It forecasts that $350K per BTC is only possible in March 2025. The S2F model, based on BTC’s supply schedule, has fairly predicted BTC’s future price prospects in the past. As mined BTC reduces with time, BTC supply also declines and the S2F ratio value increases.
According to the model, BTC’s value is expected to rise as supply reduces in the future. Based on the model, BTC could hit $80K – $85K in August 2024, as opposed to the $350K projected by Kiyosaki. In the meantime, BTC could ease back to the short-term demand, which was a previous supply of around $70K, before going higher to the $72K mark.
Coinglass liquidity data supports this scenario, showing key magnetic levels for price action at $70K and $72.3K.
