PlanB, Quant Analyst, Reveals Timeline for Bitcoin (BTC) Surging to $50,000

A widely followed crypto analyst says that Bitcoin (BTC) could land somewhere between $40,000 and $50,000 in the coming months.

Crypto Analyst PlanB Anticipates Bitcoin Surge Ahead of Halving Event

In a recent strategy session, renowned quant analyst PlanB shares his insights with over 58,200 subscribers on YouTube, outlining his bullish vision for the leading cryptocurrency, Bitcoin, as it approaches its next halving event.

The halving event, occurring approximately every four years, involves a reduction in BTC block rewards by half. PlanB explores the potential impact of this event on Bitcoin's price trajectory.

PlanB states, "The big question is, what will the price of Bitcoin be at the 2024 April halving? We can estimate that based on the 200-week moving average... Currently, the 200-week moving average is increasing at a rate of approximately $500 per month. So, nine times $500 would amount to $4,500. Considering Bitcoin's current 200-week moving average is slightly below $28,000, adding $4,000 would give us an approximate 200-week moving average of $32,000 at the halving."

Based on historical patterns, PlanB suggests that Bitcoin's price would typically be around 50% above the 200-week moving average at the halving, implying a price range between $40,000 and $50,000.

Last month, PlanB highlighted an indicator indicating an imminent bull run for Bitcoin. The analyst pointed out that when BTC's price surpasses its two-year realized cost price, it signals the start of a rally. The realized cost price is a metric that calculates the average value of BTC supply based on the price at which coins were last moved.

At the time of writing, Bitcoin is trading at $30,450, reflecting a marginal increase over the past 24 hours. Should PlanB's predicted range materialize, it would signify a substantial 31% to 64% surge for the dominant crypto asset.

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Jul 18, 2023