Popular Bitcoin advocate PlanB has forecasted that the leading cryptocurrency’s peak could soar beyond $300,000 before the end of next year. The pundit’s prediction comes amidst a flurry of mixed insights indicating various trends for the top cryptocurrency

In a Wednesday tweet, Plan B, known for his Stock-to-Flow (S2F) model, outlined a trajectory for Bitcoin’s value, suggesting that historical patterns, particularly surrounding Bitcoin halving events, will continue to influence price movements. According to the pundit, Bitcoin’s price increase will revolve around the halving, with significant gains anticipated in the aftermath.

“In my opinion, this bitcoin halving will NOT be different: – All bitcoin price increase will again be around the halving – Buying 6m before the halving and selling 18m after the halving (green line) will outperform buy & hold,” wrote Plan B adding, “BTC > $100k in 2024 – BTC top > $300k in 2025.”

This projection was agreed upon by Adam Black, another Bitcoin advocate who emphasized Bitcoin’s potential to outshine gold in the upcoming market cycle.

“Agree, bitcoin must take out gold because it will have 2x scarcity/S2F,” Plan B stated, responding to Back

That said, PlanB’s projections come amidst positive data trends for Bitcoin. Notably, there has been a surge in Bitcoin inflows to accumulation addresses, with figures reaching an all-time high of 27,700 BTC, as highlighted by crypto analytics firm Cryptoquant on Wednesday. According to the firm, these addresses, characterized by specific criteria including a balance exceeding 10 BTC and no outgoing transactions, signify increased ‘HODLing’ behaviour among investors, indicative of long-term confidence in Bitcoin’s value.

That said, analyst “Abramchart” from the same firm defined potential support zones for Bitcoin, pinpointing an imminent buying opportunity at $57,600. He underscored this as “the strongest support level at the moment.”

However, amidst these optimistic forecasts, cautionary sentiments have also emerged. In a tweet, popular crypto analyst Ali Martinez highlighted the significance of Bitcoin’s $61,000 level, emphasizing the potential for a deeper correction if this level is breached. 

“$61,000 is a very important level for BTC! If it breaks, it will trigger a correction to $56,200. But if Bitcoin can rebound, we could see an upswing to $66,500. The first sign of a rebound will be a sustained 4-hour candlestick close above $62,300. Until then, we brace for impact,” he wrote.

That said, Bitcoin continued to trade subdued after closing lower on Wednesday. Of particular note has been the ongoing battle among bulls to uphold the critical $61,000 support level, even as the highly anticipated halving event looms mere hours away.

Bitcoin traded at $63,520 at press time, reflecting a 5.22% surge in the past 24 hours.

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Filed under: Bitcoin - @ April 18, 2024 5:09 pm