On-Chain Analyst Predicts Bitcoin Could Reach $524,000 in the Next Four Years
An on-chain analyst known as PlanB suggests that Bitcoin (BTC) has the potential to reach a price as high as $524,000 within the next four years. PlanB shares a chart on social media illustrating the price at which the majority of BTC was distributed during each halving event. According to historical trends, BTC tends to peak at around four times the lower end of the distribution range. Based on this pattern, PlanB believes that Bitcoin could surpass the half-million dollar mark in the coming years.
Factors That Could Fuel an Explosive Bull Run
PlanB also points out that the next bull run could be even more explosive than previous cycles due to various macro factors, including the impact of Covid-19 on the 2021 market cycle.
BTC Expected to Stay Above $40,000
The analyst predicts that Bitcoin will not remain below $40,000 for long. PlanB shares another chart indicating that Bitcoin is currently trading above the two-year and five-month realized price levels. The realized price metric tracks the sum of all Bitcoin at their last transaction price divided by the circulating supply of BTC.
As of now, BTC is trading at $37,236.
Hot Take: Bitcoin’s Potential Soars to New Heights
On-chain analyst PlanB predicts that Bitcoin could reach an astonishing price of $524,000 within the next four years. This projection is based on historical data and the pattern observed during previous halving events. PlanB also suggests that several macro factors, such as the impact of Covid-19, could contribute to an even more explosive bull run in the future. Furthermore, the analyst believes that Bitcoin will not remain below $40,000 for an extended period, highlighting its current trading position above key realized price levels. With these factors in mind, the future potential of Bitcoin appears to be soaring to new heights.
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