Bitcoin Buyers Should Seize the Opportunity Below $40,000
According to PlanB, a well-known figure in the crypto industry, Bitcoin buyers should take advantage of the chance to add to their stack below $40,000. In a recent post on X (formerly Twitter), PlanB, creator of the stock-to-flow BTC price models, suggested that current levels would not last long.
PlanB: Time is Ticking on $40,000 Resistance
PlanB believes that Bitcoin is destined to reach much higher levels than its recent 18-month highs and that time is running out to increase BTC exposure below $40,000. PlanB used realized price data to support his optimistic outlook on long-term BTC price growth.
Realized price refers to Bitcoin’s realized cap divided by the current supply. It is currently just below $21,000. Bitcoin bear market bottoms are characterized by the spot price dipping below the realized price, while bull markets begin once the spot crosses certain realized price levels. BTC/USD is now once again above all three realized price iterations.
Bitcoin Hodlers Betting on Six Figures
Although PlanB has faced criticism over his stock-to-flow model and admitted that Bitcoin did not meet his expectations during the 2021 bull market, predictions of six-figure prices for the next cycle are becoming more common. The upcoming halving in April 2024 is expected to push Bitcoin’s price back to around $46,000.
PlanB has described Bitcoin as being in a “pre-bull market” phase, with the real launch yet to come.
Hot Take: Bitcoin’s Bright Future
Despite fluctuations and market uncertainties, many experts like PlanB remain optimistic about Bitcoin’s future. While short-term price movements can be unpredictable, the overall trajectory of Bitcoin’s price is expected to be upward. As more investors recognize the potential of Bitcoin and blockchain technology, the demand for BTC is likely to increase. With upcoming events like the halving and growing institutional interest, Bitcoin’s price could potentially reach new heights in the coming years. So, if you have the opportunity to buy Bitcoin below $40,000, it may be a good time to consider adding to your crypto portfolio.
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