Bitcoin (BTC) Poised to Reach $40,000 – $50,000 in the Near Future, Reveals Influential Crypto Analyst
According to a well-respected crypto analyst, Bitcoin (BTC) is expected to experience a significant surge, potentially reaching a price range between $40,000 and $50,000 in the coming months. Quant analyst PlanB, who boasts an impressive following of 58,200 subscribers on YouTube, recently shared his insights during a strategy session.
PlanB highlighted the correlation between Bitcoin’s price and its upcoming halving event. The halving, occurring approximately every four years, involves a reduction in BTC block rewards by half. Assessing the 200-week moving average, PlanB made his projections regarding Bitcoin’s value at the 2024 April halving.
When considering the current rate of increase in the 200-week moving average, estimated at around $500 per month, the analyst concluded that Bitcoin’s moving average at the halving would be approximately $32,000. Additionally, based on historical trends, Bitcoin tends to trade approximately 50% above the moving average during halving periods. Therefore, PlanB suggested a plausible price range of $40,000 to $50,000 for Bitcoin at the time of the halving.
Earlier, PlanB had identified a bullish indicator for Bitcoin, noting that when BTC’s price surpasses its two-year realized cost price, it historically triggers a rally. The realized cost price calculates the average value of BTC supply based on the last recorded movement of the coins.
As of now, Bitcoin is trading at $30,450, representing a slight increase in the past 24 hours. Should PlanB’s predictions materialize, Bitcoin’s value would witness a substantial surge, ranging from 31% to 64%, offering significant potential returns for investors.
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