TL;DR
- PlanB predicts that Bitcoin (BTC) may reach $524,000 in the next bull cycle, citing historical trends and the upcoming halving in 2024.
- The last bull cycle was driven by macroeconomic events; The next one is likely to be stronger due to the halving and the possible Bitcoin spot ETF.
- Currently, BTC is trading at $36,929 with mixed market sentiment; Other analysts are predicting more conservative figures between $40,000 and $50,000.
Analysts will not be surprised if BTC hits $500,000
PlanB, one of the most well-known and controversial crypto analysts, believes that Bitcoin (BTC) could reach an unprecedented all-time high of $524,000 in the next bull cycle.
The popular Bitcoin proponent published a chart illustrating the distribution of BTC prices during each halving event, pointing to a historical trend where BTC tends to peak at around four times the lower end of the distribution range.
He predicts that BTC will be in the $16,000-$65,000 range after the next halving, with a possible high in the $65,000-$524,000 range.
Furthermore, PlanB believes that the last bull cycle was primarily fueled by major macro events such as COVID-19 and inflationary fiat currencies worldwide. Like other well-known crypto personalities, the analyst believes the next bull run will be even more explosive with two strong narratives taking place in 2024 – the halving and a potential Bitcoin spot ETF.
PlanB shared a chart showing that BTC is trading above the realized price levels of the last two years and five months. The realized price metric tracks the sum of all Bitcoins at the price they were last traded at on-chain divided by the number of BTC in circulation.
The analyst recently said that Bitcoin is currently in a pre-bull market and is unlikely to trade below $32,000 before the halving. However, based on the trends observed, the analyst warned his followers that BTC will not stay below $40,000 for long.
What’s next for BTC?
As of this writing, BTC is trading at $36,929, down slightly by 1.05% in seven days. Most altcoin markets, including ETH and BNB, also started the week in the red.
Bears and bulls are fighting to gain control of the market and analysts share their opinion with some interesting Bitcoin price predictions. While PlanB believes the crypto asset could reach unprecedented highs in 2024, famous traders like CryptoCon and Ali Charts are targeting levels between $40,000 and $50,000.
Despite today’s brief decline, BTC’s Fear and Greed Index has shown greed for 30 consecutive days, something that hasn’t happened in two years.
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