Bitcoin Price Gains 0.66% to Nearly $77,000 Amid Bull Market
According to CoinMarketCap, Bitcoin (BTC) has increased by 0.66% in the past 24 hours, approaching $77,000. Over the last month, BTC's value has risen by 27.82%. The Bitcoin Stock-to-Flow model indicates a potential price target of $500,000 for BTC.
Why Bitcoin May Reach $500,000
In an X post on November 9, an analyst known as PlanB shared a prediction based on the Stock-to-Flow model, which forecasts BTC’s price based on scarcity. This model suggests that BTC could average $500,000 over the next four years, with a range of $250,000 to $1 million. The analyst noted that the current Bitcoin bull season is in its early stages, as indicated by the Stock-to-Flow chart.
PlanB cites future events supporting this price target, including Donald Trump’s proposal to establish a National Bitcoin Reserve, potentially enacted through Senator Cynthia Lummis's proposed Bitcoin Act, which aims to have the US purchase 200,000 BTC annually for five years. Additionally, Michael Saylor’s Microstrategy plans to acquire $42 billion in BTC by 2027, which could create significant buying pressure and drive prices up.
Furthermore, Spot BTC ETFs have seen inflows of $2.294 billion since Trump's election, expected to increase demand for BTC. Despite previous discrepancies between predicted and actual prices, PlanB emphasizes confidence in the Stock-to-Flow model.
BTC Price Overview
Currently, BTC trades at $76,745, reflecting an 11.85% increase over the past week. However, trading volume has decreased by over 40% in the last 24 hours, totaling $28.33 billion.
