PlanB Predicts Bitcoin Will Reach New All-Time High
Analyst PlanB, followed by many in the crypto community, is forecasting when Bitcoin (BTC) will experience a rally to new all-time highs. According to PlanB, BTC is unlikely to drop below $31,000 again based on its 200-week moving average. Historically, when Bitcoin diverges from the moving average line, it tends not to fall below that line. PlanB believes that $31,000 is currently the floor for BTC and that this floor will continue to rise as the 200-week moving average increases over time.
New All-Time High Expected in Q4
PlanB predicts that Bitcoin will reach a new all-time high in Q4 of this year before crashing. He notes that after a 90% increase (represented by orange dots), a 100% increase (represented by red dots) usually follows. This means that BTC could see another all-time high six months after the halving, which is scheduled for April.
BTC Trading at $42,860
At the time of writing, Bitcoin is trading at $42,860 with a slight decrease in the past 24 hours.
Hot Take: Bitcoin Set for New All-Time High in Q4
Analyst PlanB is confident that Bitcoin will reach a new all-time high in the fourth quarter of this year. Based on historical data and Bitcoin’s 200-week moving average, PlanB believes that BTC will not drop below $31,000 again. He also predicts a crash after the all-time high, which is typically six months after the halving. With Bitcoin’s next halving scheduled for April, October could be the month to watch for a new record-breaking price point.
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