Bitcoin Price May Reach $500,000 by 2028 Says PlanB

PlanB, the analyst behind the Stock-to-Flow (S2F) model, reiterated his forecast that the Bitcoin (BTC) price may reach an average of $500,000 between 2024 and 2028. This outlook was shared on July 2, 2025, sparking renewed interest among market analysts. The S2F model, which bases its prediction on Bitcoin’s limited supply, suggests a range of possible outcomes between $250,000 and $1 million, with midpoint prices such as $300,000 or $600,000 also being plausible. However, PlanB cautioned that the model is rough and should not be taken as a guarantee.

At the time of the update, Bitcoin was hovering near its all-time high. PlanB supported his forecast with data from long-term holders, noting that their unrealized profits were at 220%. This level was lower than the 300 to 350% recorded during previous cycle tops in March and December 2024. He added that Bitcoin might need to reach $140,000 to match earlier peaks in profit margins.

Fresh data from CryptoQuant and Glassnode provided additional insights into Bitcoin’s position. CryptoQuant reported that long-term holder unrealized profits had dropped back to 220%, the same level seen during the October 2024 correction. The realized price for long-term holders stood at $39,000, signaling room for growth if bullish sentiment continued. Glassnode’s update confirmed that Bitcoin price dips had remained shallow, with the price staying above the one-month realized level of $105,100. Short-term holder cohorts were still in profit, with realized prices ranging from $98,100 to $106,300 across different time frames. Glassnode suggested that the Bitcoin price should cross the $140,000 mark to enter a new momentum phase, indicating a resilient market despite not being at peak levels.

Institutional investors have also been active in the market. Metaplanet, a Japan-based firm, purchased 1,005 BTC for $108.1 million, increasing its total holdings to 13,350 BTC and becoming the fifth-largest corporate holder of Bitcoin. Michael Saylor’s company, Strategy, also added 4,980 BTC to its portfolio for $531.9 million, bringing its total holdings to 597,325 BTC. Other institutional investors, such as Semler Scientific and GameStop, have also increased their Bitcoin holdings, suggesting growing market interest and steady demand.