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- PlanB compares Bitcoin to making an audacious prediction regarding Bitcoin’s future value, estimating it to reach as high as $600,000 by 2025.
- Bitcoin futures on Centralized Exchanges (CEX) have surged to a 27-month high, indicating a notable increase in trading activity.
Renowned Bitcoin analyst and creator of the stock-to-flow model, PlanB, shared a remarkably bullish prediction for Bitcoin’s future price trajectory. Taking a unique perspective, he evaluated Bitcoin’s potential value in terms of gold, measuring it in ounces.
In a recent update on X social media, formerly known as Twitter, PlanB highlighted that currently, one Bitcoin is equivalent to 26 ounces of gold, based on a gold price of $2,000 per ounce. Looking ahead to 2024-2025, he anticipates Bitcoin’s price to surge to a staggering 100 gold ounces, translating to a fiat value of $200,000.
Delving into the details of his forecast, PlanB’s chart illustrates a gradual ascent: by 2024, he envisions Bitcoin reaching 35 gold ounces, or $70,000 based on prevailing gold prices. Fast forward to 2025, and PlanB projects a monumental leap, with Bitcoin potentially reaching an impressive 300 gold ounces, equivalent to a staggering $600,000 valuation.
Bitcoin = 26 ounces of Gold. It would surprise me if BTC would stay below 100 ounces of Gold in 2024/2025. pic.twitter.com/IghU4u7gCy
— PlanB (@100trillionUSD) February 19, 2024
The Bitcoin Price Action
After surging to $52,000 last week, the Bitcoin price has been trading in a very narrow range recently. At press time, the Bitcoin price is trading 1.13% down at a price of $51,685 with a market cap of $1.104 billion.
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Bitcoin futures on Centralized Exchanges (CEX) have surged to a new high, marking the highest level in 27 months since November 2021. Open interest, which represents the total value of all outstanding or “unsettled” Bitcoin futures contracts across exchanges, serves as a crucial measure of market activity and trader sentiment.
The recent spike in Bitcoin futures open interest indicates a significant uptick in trading activity within the Bitcoin network. According to data from CoinGlass, aggregated open interest in BTC futures reached $22.9 billion on Monday, closely approaching the previous peak of approximately $24 billion.
Remarkably, within less than two months into the year, Bitcoin futures open interest has surged by up to 30%. Thus, it highlights the growing interest and participation in Bitcoin trading activities.
According to data from Deribit, the leading crypto options exchange, Bitcoin call spreads are currently one of the favored strategies among investors. This trend implies that investors perceive potential for further Bitcoin gains, albeit not necessarily significant surges.
Furthermore, the options market, in general, is currently indicating a probability of approximately 20% to 25% for Bitcoin to reach a new all-time high before the halving event.
BTC ETF Holdings Reach Close to $14 Billion
Ever since the launch of the spot Bitcoin ETFs last month following the approval by the U.S. SEC, the issuers have accumulated a total of 268,149 BTC units.
The total value of Bitcoin held by various ETFs was estimated at $13.9 billion, with BlackRock emerging as the leading entity in this group. According to insights from crypto analytics firm Lookonchain, the renowned asset management firm has amassed approximately 119,681 BTC, valued at around $6.23 billion. BlackRock’s accumulation of Bitcoin has shown steady growth over time.
Since the #Bitcoin ETF launched, 8 ETFs have accumulated a total of 268,149 $BTC($13.97B).#iShares(#Blackrock) has accumulated the most with 119,681 $BTC($6.23B).https://t.co/1Tdx0iAlGK pic.twitter.com/s9GedBKkGR
— Lookonchain (@lookonchain) February 19, 2024
As of January 10, BlackRock’s IBIT held 228 Bitcoin in its portfolio, FBTC had 440 BTC, Bitwise Bitcoin ETF possessed 57 BTC, and ARK 21Shares held 210 BTC, among other participants. Among all ETF applicants, Grayscale GBTC boasted the highest Bitcoin holdings, with 619,162 Bitcoin, while Invesco Galaxy had none.
