Bitcoin’s Price will Surely Reach US$100k! But Only in 2023

According to the S2F model, Bitcoin’s price is expected to hit a record high only in 2023

The past couple of years has been one of its kind for cryptocurrency investors. Starting from the Covid-19 pandemic to the lockdown that followed, increased regulation across countries, market uncertainty, travel restrictions, economic fall, and environmental concerns have put the decentralized finance concept both in motion and confusion. Owing to the increased adoption, Bitcoin’s price enjoyed constant hikes. But not anymore! After reaching a record high in November 2021, BTC’s value is plummeting at a fast pace. Although a recovery phase seems to be on the radar, experts predict that maybe, Bitcoin investors should wait a whole year to see the cryptocurrency gain its lost value and reach new record highs.

Whether you are a traditionalist who favors hard cash or an investment aficionado, you must still be familiar with cryptocurrency, especially, Bitcoin. Although digital tokens have been around for a long time, they gained prominence only after the 2017 BTC price rally. It is very similar to any other high-risk investment in terms of its practical applications. Bitcoin’s price is extremely volatile and it can make you rich over time or rip off your potential investment. However, BTC didn’t start 2022 on a good note. After experiencing massive growth last year, Bitcoin’s price underwent a slump towards the end of 2021 and began 2022 on loss. However, enthusiasts still believed that BTC will soon make a comeback, relying on the price predictions that insisted Bitcoin’s value will go to as high as US$100k in 2022. Unfortunately, the price trend is indicating otherwise. The Bitcoin graph shows that the cryptocurrency can only break through the long-stood resistance level in 2023. Some experts also claim that Bitcoin halving could be the time when the cryptocurrency might see growth in the coming days.

What is Plan B Saying?

Plan B is one of the well-known cryptocurrency experts, who has created the most reliable Bitcoin indicator called the ‘Stock-to-Flow (S2F)’ model. Throughout the years, many investors have heavily relied on S2F for honest predictions. However, since March 2021, the model failed to deliver accurate predictions as the global factors and changing market scenarios have heavily impacted Bitcoin’s price.

Previously, the market deviated from S2F prediction in March 2020 and caught up in the value only in January 2021. Soon, BTC’s value again got off the grid and almost reached a death cross in May 2021 only to gain back its value towards the year-end. Unfortunately, S2F couldn’t predict all these swings accurately and this has led many investors to lose trust in the model. However, Plan B has recently tweeted stating “Both S2F and logarithmic regression point to $100k in 2023”. If this prediction is true, then Bitcoin investors have to wait for almost 10 months from now to experience the price surge. It has previously happened in 2018 and 2020 and both times, Bitcoin took longer than usual to recover. Therefore, BTC investors have to wait this whole year and welcome 2023 on a good note.

Why Bitcoin Halving could Act as a Trigger?

Bitcoin halving is an incident that happens roughly every four years. It is the time when the circulation is cut down to make sure the potential of the digital token is delivered. In a nutshell, Bitcoin halving is the process when the rewards for Bitcoin mining get halved. It happens after each set of 210,000 blocks is mined. By doing so, the price remains consonant as the supply is put under a limit.

So far in history, every time a Bitcoin halving took place, the digital token’s value went up drastically. However, sooner or later, it will undergo a long bearish period after the bull run. When the first Bitcoin halving took place in 2012, Bitcoin’s value rose from US$12 to US$1,150 over time. During the second halving, it crossed the US$20,000 mark. Therefore, many investors believe that a Bitcoin halving could act as the trigger to retrieve the cryptocurrency from its current slump. They claim that Bitcoin will increase in value and achieve better growth.

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