Emre Yumlu 
Discussions about how high Bitcoin can go in the current market cycle have flared up again in the cryptocurrency market. In particular, some analysts argue that Bitcoin could reach quite high price levels in the 2024–2028 halving cycle. One of the names defending this view is the analyst PlanB, known for the Stock-to-Flow model.
According to PlanB, considering Bitcoin’s supply structure and past market cycles, much higher price levels appear theoretically possible in this cycle. This assessment is based on economic models relying on Bitcoin’s limited supply.
What Does the Stock-to-Flow Model Say?
At the core of PlanB’s analysis lies the Stock-to-Flow (S2F) model. This model attempts to measure scarcity by comparing an asset’s existing stock with the rate of new production. For assets with limited supply like Bitcoin, this approach provides a framework for understanding potential value increases.
The “halving” event that occurs approximately every four years in the Bitcoin network halves the block reward miners receive. This mechanism reduces the amount of newly produced Bitcoin while also restricting the new supply entering the market. If demand remains the same or increases, this scarcity can create upward pressure on the price.
According to PlanB’s calculations, in the current cycle Bitcoin’s price could trade in a range between $250,000 and $1 million. The analyst suggests that the average value of this range could be around $500,000. However, he particularly emphasizes that this forecast does not represent a specific peak price, but rather the average levels that could form throughout the cycle.
There Are Also More Cautious Forecasts
That said, not all analysts share such high price predictions. While some market experts acknowledge significant upside potential for Bitcoin, they set more measured targets.
Crypto analyst Bobby A believes Bitcoin could experience a strong rise in the current market cycle, but more realistic targets would likely fall in the $200,000 to $250,000 range. According to him, these levels could be seen as the market cycle matures in 2026 or 2027.
Bobby A also argues that models like Stock-to-Flow should be evaluated more as theoretical tools that help understand long-term trends rather than tools that produce precise price predictions.
Short-Term Outlook for Bitcoin
In the short term, Bitcoin’s price continues to follow a volatile path. Recently approaching the $74,000 level, the price then experienced some pullback. At the time of writing, Bitcoin is trading around $67,300. Although a slight decline was observed in the last 24 hours, a limited increase stands out on a weekly basis.
Various factors lie behind this volatility in the market. Geopolitical developments in the Middle East and changes in investment flows into spot Bitcoin ETFs are among the main elements influencing price movements.
Nevertheless, many analysts believe that after the strong rally that pushed Bitcoin above $72,000 earlier in the year, the market is currently in more of a consolidation phase. This period is regarded as a time when the market is trying to balance itself before determining a new direction.
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