2024

Bitcoin

Gold

Renowned Bitcoin analyst PlanB, known for his stock-to-flow model for BTC, has made a <a href="https://twitter.com/100trillionUSD/status/1759556735637885332?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">bold prediction</a> regarding the future price of BTC. What sets this forecast apart is its evaluation in terms of gold ounces, shedding light on a unique perspective. 
<h2 id="the-planb-projection-bitcoin-meteoric-rise">The PlanB Projection: Bitcoin Meteoric Rise</h2> 
According to PlanB’s recent post on X, he foresees a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rally-52800/" target="_blank" rel="noopener ">monumental shift</a> in Bitcoin’s value, expected to rise significantly in the coming years. Drawing a comparison with gold, PlanB highlighted that currently, one Bitcoin is equivalent to 26 ounces of gold, valuing an ounce of gold at $2,000. 
<blockquote class="twitter-tweet"> 
 Bitcoin = 26 ounces of Gold. It would surprise me if BTC would stay below 100 ounces of Gold in 2024/2025. <a href="https://t.co/IghU4u7gCy" target="_blank" rel="noopener nofollow">pic.twitter.com/IghU4u7gCy</a> 
 — PlanB (@100trillionUSD) <a href="https://twitter.com/100trillionUSD/status/1759556735637885332?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">February 19, 2024</a>
</blockquote> 
Looking ahead to 2024-2025, PlanB predicts that Bitcoin’s price could skyrocket to roughly 100 gold ounces, translating to $200,000 in fiat currency terms. 
Delving deeper into the charted trajectory, PlanB anticipates Bitcoin to climb to 35 gold ounces ($70,000) by 2024 and surge to 300 gold ounces by 2025. This projection would place Bitcoin’s value at a price target of $600,000, marking a <a href="https://www.newsbtc.com/news/bitcoin-on-steroids-key-technical-factors-fueling-the-rally-to-70000/" target="_blank" rel="noopener ">monumental milestone</a> in its journey. 
<blockquote class="twitter-tweet"> 
 Correct. And more if gold price rises too. 
 — PlanB (@100trillionUSD) <a href="https://twitter.com/100trillionUSD/status/1759598842259898753?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">February 19, 2024</a>
</blockquote> 
<h2 id="bullish-momentum-fuels-bitcoin-s-rise">Bullish Momentum Fuels Bitcoin’s Rise</h2> 
As Bitcoin continues to capture the <a href="https://www.newsbtc.com/bitcoin-news/16000-bitcoin-dormant-since-5-years-whats-going/" target="_blank" rel="noopener ">attention of investors</a>, recent weeks have witnessed a notable bullish momentum propelling the cryptocurrency forward. With a surge of more than 20% over this period, Bitcoin has crossed the $1 trillion market cap threshold, <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-spot-etfs-2-2-billion/" target="_blank" rel="noopener ">accompanied by a trading volume</a> hovering above $20 billion in the past week alone. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/41vM2cjI/" alt="Bitcoin (BTC) price chart on TradingView" width="2770" height="1556"> 
This surge in activity has ignited optimism among investors and traders, leading to a significant accumulation of the asset. Notably, Whale Alert data reveals that earlier today a substantial withdrawal of approximately $962.15 million from the leading US crypto exchange, Coinbase, to an undisclosed address, underscoring the heightened interest in Bitcoin. 
<blockquote class="twitter-tweet"> 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 9,322 <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#BTC</a> (485,247,899 USD) transferred from <a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Coinbase</a> to unknown new wallet<a href="https://t.co/AEyqa8qFQ9" target="_blank" rel="noopener nofollow">https://t.co/AEyqa8qFQ9</a> 
 — Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1759420797679001602?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">February 19, 2024</a>
</blockquote> 
Meanwhile, the Bitcoin <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-open-interest-69000-ath/" target="_blank" rel="noopener ">open interest has surged to over $24 billion</a>, marking a 50% increase since the start of 2024. This surge in open interest, a metric representing the total value of outstanding derivative contracts, signifies heightened market activity and interest in Bitcoin futures and options trading. 
Notably, this surge in open interest levels has not been witnessed since the peak of Bitcoin’s price in November 2021 when it soared to an all-time high of $69,000. 
<blockquote class="twitter-tweet"> 
 JUST IN: <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Bitcoin</a> futures Open Interest hits highest level since 2021 bull market. <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/TseW6AosaN" target="_blank" rel="noopener nofollow">pic.twitter.com/TseW6AosaN</a> 
 — Bitcoin Archive (@BTC_Archive) <a href="https://twitter.com/BTC_Archive/status/1759556917070803272?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">February 19, 2024</a>
</blockquote> 
This trend has been consistent across various crypto exchanges, with platforms like CME, Binance, and ByBit leading the charge and commanding over 50% of the open interest in the market, according to <a href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="noopener nofollow">data</a> from Coinglass, 
Featured image from Unsplash, Chart from TradingView

Bitcoin’s Golden Projection: Analyst Envisions $600K Price Tag, Assessed In Gold Ounces

Table of Contents

NewsBTC

Other articles published on Feb 20, 2024

Bitcoin holdings on Coinbase hit nine-year low amidst whale transfers

Ethereum LSTs, LRTs, And Stablecoins: Decoding The Effects Of ‘Magic Money’ On Bitcoin And Crypto

Bitcoin Surges Towards $53,000 As Market Anticipation Builds

Starknet Faces Backlash Over Airdrop Requirements, Experiences Significant Drop in User Activity

Minu Price Prediction: MINU Skyrockets 552% In 7 Days, But Traders Say A Surging New Solana Meme ...

Ethereum Surges Past Significant Price Barrier

Join our free newsletter for daily crypto updates!