Renowned crypto analyst PlanB has made a bullish prediction for Bitcoin (BTC), suggesting that it could reach an all-time high of $524,000 in the next four years. PlanB bases this prediction on historical halving trends.
The analyst points out that previous halving events have led to BTC reaching peaks around four times higher than the lower end of the distribution range. PlanB expects BTC to be in the range of $16,000 to $65,000 after the next halving, with a potential peak in the range of $65,000 to $524,000.
At 2012 halving most bitcoin was <$16.
At 2016 halving most BTC was in $256-$1024 range.
At 2020 halving most BTC was in $4k-16k range.
At 2024 halving most BTC will be in $16k-$65k range.I would not be surprised if next 4 years most BTC will transfer in $65k-$524k range. pic.twitter.com/kSmoFY8ciE
— PlanB (@100trillionUSD) November 25, 2023
PlanB believes that the previous bull cycle was driven by major macro events like the COVID-19 pandemic and global inflationary fiat currencies. The analyst anticipates that the next bull run will be even stronger due to two significant factors: the halving and the potential introduction of a Bitcoin spot ETF in 2024.
Currently, BTC is trading at $36,929, with mixed market sentiments. Other analysts have more conservative predictions, expecting figures between $40,000 and $50,000. Despite a small decline in the past seven days, BTC’s Fear and Greed Index has shown “Greed” for 30 consecutive days, which has not occurred in two years.
Source: CryptoPotato
