PlanB Says Bitcoin Price Explosion to $60,000 Range Imminent As BTC Halving Approaches
On-chain analyst PlanB says that Bitcoin is now on an imminent path that could potentially take BTC to new highs faster than most believe.
In a new strategy session, PlanB provides an update on his stock-to-flow (S2F) model for Bitcoin, which aims to forecast the longer-term market cycles based on BTC’s halvings, when miners’ rewards are cut in half.
The next Bitcoin halving is slated for April 2024
The analyst uses color-coded dots that signify the number of months until the halving, which act as a time-based indicator for potential bull runs that have historically coincided with each halving.
Based on previous cycles, PlanB says that a rally near $60,000 is likely brewing, but he also says that after the halving, a potential price ceiling near $532,000 is in play.
“After those halvings, the Bitcoin price goes up… That is what I expect to happen in April 2024, again. The price will rise fast towards this new line at $532,000 BTC. But for now, until the next halving, historically, these blue dots are touching the grey line again, and it wouldn’t surprise me if we just slowly increase towards the model value of $55,000 – $60,000.”
PlanB recently shared with his 1.8 million followers on the social media platform X a chart depicting which price the majority of BTC was distributed at each halving.
Based on the historical trend that BTC appears to top out about 4x higher than the lower end of the distribution range, PlanB said the crypto king could soar above the half-million dollar range in the next several years.
He also said that the next bull run could be even more explosive than in the past due to several macro factors affecting the 2021 cycle, such as Covid-19.
“At 2012 halving, most Bitcoin was <$16.
At 2016 halving, most BTC was in the $256-$1024 range.
At 2020 halving, most BTC was in the $4,000-16,000 range.
At 2024 halving, most BTC will be in the $16,000-$65,000 range.
I would not be surprised if next four years, most BTC will transfer in the $65,000-$524,000 range.”
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