Bitcoin: Possibility of Surging Past $500K – PlanB’s Forecast
According to insights from the on-chain analyst known as PlanB, there's speculation that Bitcoin (BTC) could potentially surge to an impressive $524,000 within the upcoming four years.
PlanB recently posted a chart illustrating the price distribution of BTC during each halving, a period when miners’ rewards are halved.
Drawing from a historical pattern where BTC tends to reach approximately four times higher than the lower end of its distribution range, PlanB suggests that the leading cryptocurrency might surpass the half-million mark in the coming years.
At 2012 halving most bitcoin was <$16.
At 2016 halving most BTC was in $256-$1024 range.
At 2020 halving most BTC was in $4k-16k range.
At 2024 halving most BTC will be in $16k-$65k range.I would not be surprised if next 4 years most BTC will transfer in $65k-$524k range. pic.twitter.com/kSmoFY8ciE
— PlanB (@100trillionUSD) November 25, 2023
Furthermore, he anticipates that the upcoming bull run might exhibit a more remarkable surge compared to previous cycles, attributing this to various macro factors, including the impact of Covid-19 on the 2021 cycle.
Speculating on the future, PlanB expresses the belief that within the next four years, Bitcoin may transition within the $65,000 to $524,000 range, suggesting the potential for substantial growth.
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The respected analyst also predicts that Bitcoin’s value will only linger below $40,000 temporarily. He shares an additional chart indicating that Bitcoin is currently trading above the two-year and five-month realized price levels.
The realized price metric, which calculates the total sum of Bitcoin at their last transaction price divided by the circulating BTC count, supports PlanB’s assertion.
Enjoy sub-$40k bitcoin … while it lasts pic.twitter.com/MgGD5LfuL7
— PlanB (@100trillionUSD) November 24, 2023
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
