Bitcoin on the Verge of a Price Explosion to $60,000 Range as BTC Halving Approaches
A well-known on-chain analyst, PlanB, suggests that Bitcoin is on the brink of a significant price surge that could take BTC to new all-time highs faster than expected. PlanB relies on his stock-to-flow (S2F) model for Bitcoin to predict longer-term market cycles based on the halvings that occur when miners’ rewards are halved.
Using color-coded dots to represent the number of months until the next halving, PlanB identifies potential bull runs that have historically coincided with each halving. He predicts a rally near $60,000 in the near future and expects a potential price ceiling around $532,000 after the upcoming halving in April 2024.
PlanB also shared a chart on social media showing where most BTC was distributed during previous halvings. Based on historical trends, he suggests that Bitcoin tends to peak at around four times higher than the lower end of the distribution range. This indicates that BTC could potentially surpass the half-million dollar mark in the coming years.
The analyst believes that the next bull run could be even more explosive than previous ones due to various macro factors, such as the impact of Covid-19 on the 2021 cycle.
Hot Take: Bitcoin’s Path to New Highs
On-chain analyst PlanB predicts that Bitcoin is on the verge of a significant price surge. His stock-to-flow model suggests that BTC could rally near $60,000 in the near future. Furthermore, after the upcoming halving in April 2024, Bitcoin’s price could potentially reach a new high around $532,000. PlanB’s analysis is based on historical patterns and the distribution of BTC during previous halvings. He believes that the next bull run could be even more explosive due to various macro factors. If his predictions hold true, Bitcoin could experience a major price explosion in the coming years.
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