On-chain analyst Plan B says Bitcoin is currently on an imminent path that could take Bitcoin to new highs sooner than most expected.
In a new strategy session, PlanB provides an update on Bitcoin’s stock-to-flow (S2F) model. This model aims to predict long-term market cycles based on the BTC halving, when miners’ rewards are halved.
The next Bitcoin halving is scheduled for April 2024.
Analysts use color-coded dots to indicate the number of months until halving. This serves as a time-based indicator of the potential for a bull market, which has historically coincided with each halving.
Based on previous cycles, PlanB says it is likely to rise to around $60,000, but also says there is a potential price ceiling around $532,000 after the halving.
“After these halvings, the price of Bitcoin will rise…I expect it to happen again in April 2024. The price will quickly rise towards this new line of 532,000 BTC $ But for now, until the next halving, historically these blue dots touch the gray line again, slowly rising toward model values of $55,000 and $60,000. I wouldn’t be surprised.”
PlanB recently shared a chart to its 1.8 million followers on social media platform X showing at what price the majority of BTC was distributed each halving.
Based on historical trends where BTC is expected to peak at about four times the lower end of its circulation range, Plan B could see the king of cryptocurrencies skyrocket beyond the $500,000 range in the coming years. said.
He also said that several macro factors impacting the 2021 cycle, including COVID-19, could make the next bull market even more explosive than the past.
“At the 2012 halving, most Bitcoins were below $16.
During the 2016 halving, most BTC was in the range of $256 to $1024.
During the 2020 halving, most BTC was in the $4,000-$16,000 range.
At the 2024 halving, most BTC will be in the $16,000 to $65,000 range.
I wouldn’t be surprised if most BTC is transferred in the $65,000 to $524,000 range over the next four years. ”
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