Bitcoin Price Prediction: How High Will BTC Price Surge Post 2024 Halving
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Renowned analyst PlanB has turned its attention to the future of Bitcoin, indicating an upcoming surge in value that is expected to unfold after April 2024.PlanB suggests that the catalyst for this highly anticipated upswing will be the next halving event.
Analyst PlanB Predicts Bitcoin’s Next Halving Event April 2024
The PlanB analysis is based on a forecasting model called the “stock-to-flow” model, which serves as the foundation for his predictions. This model revolves around Bitcoin’s increasing scarcity, consequently driving its price upwards.
You see, Bitcoin’s supply gets cut in half roughly every four years, which makes it rarer and more valuable. Consequently, experts anticipate this highly awaited process to begin following the next halving event, scheduled for April 2024.
PlanB believes that this ongoing bullish market could extend for a minimum of eight months. Furthermore, there is speculation that Bitcoin may achieve its highest value by early 2025. This intriguing development holds considerable interest for individuals with investments in Bitcoin.
During the liquidation phase, PlanB has observed significant events, specifically the challenges faced by the Terra (LUNA) and FTX ecosystems. These developments highlight the ever-changing and occasionally unstable nature of the cryptocurrency landscape.
PlanB’s Model Evolution: Evaluating the July 2023 Turning Point
PlanB believed that the bear market for Bitcoin might have already come to an end in July 2023. Additionally, he observed that Bitcoin’s performance after the FTX phase was inadequate. It is important to note that while PlanB’s model generally provided a broad outlook, it encountered difficulties during late 2021 when it failed to accurately predict certain market trends.
PlanB has simplified his model for better comprehension, instead of employing complex terminology, he now employs a more straightforward approach by utilizing the “accumulation-bull market-bear market-liquidation” model to discuss the fluctuation of Bitcoin’s price over time. This modification reflects the rapid pace of the cryptocurrency world.
Despite the implemented changes, PlanB maintains the belief that people’s sentiments towards Bitcoin will remain relatively unchanged throughout the upcoming bullish market.
Filed under: Bitcoin - @ September 19, 2023 11:06 am