Bitcoin’s Price Floor: Analyst Predicts It Won’t Go Below $40K
After recovering from the losses caused by the post-ETF-approval sell-off, Bitcoin is once again on the rise. With the upcoming halving event, which historically leads to price increases, the crypto community is speculating how high Bitcoin can go in 2024.
According to PlanB, a popular analyst known for the Stock-to-Flow model, Bitcoin’s realized price indicates that it won’t drop below $40,000. Despite experiencing significant volatility earlier this year due to the ETF approvals, Bitcoin has managed to bounce back and recently surged to nearly $45,000.
Realized Prices and Bullish Signs
PlanB points out that Bitcoin’s realized prices on different scales are increasing. Currently, the overall BTC realized price is $23,000, while the 2-year and 5-month realized prices stand at $32,000 and $40,000 respectively. Since Bitcoin’s market price is currently above all of these realized prices, PlanB sees this as a “very bullish sign.” He even speculates that Bitcoin may never drop below $40,000 again.
Bitcoin Price Predictions
With the ETF approvals already in place and the fourth halving approaching, various predictions about Bitcoin’s price are circulating within the crypto community. Bitget forecasts a price of $150,000 for Bitcoin in the near future. Robert Kiyosaki, author of “Rich Dad Poor Dad,” shares a similar prediction.
Fundstrat’s Tom Lee believes that Bitcoin could reach anywhere between $100,000 and $150,000 this year and potentially skyrocket to $500,000 by the end of the decade.
Hot Take: Bitcoin’s Potential to Soar Higher
With the recent recovery and positive indicators, Bitcoin’s price trajectory looks promising. The upcoming halving event and increasing adoption could further fuel its ascent. While price predictions vary, many experts believe that Bitcoin has the potential to reach new all-time highs in the coming months and years.
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