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.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
- Advertisement -
Comments are closed.