A widely followed crypto analyst says that Bitcoin (BTC) could land somewhere between $40,000 and $50,000 in the coming months.
In a new strategy session, quant analyst PlanB tells his 58,200 YouTube subscribers that he envisions the crypto king surging in price as Bitcoin approaches its next halving event.
-->The halving is an event when BTC block rewards are cut in half, which happens about every four years.
Says PlanB,
“The big question is [what] will the price of Bitcoin be at the 2024 April halving? We can try and estimate that from only this 200-week moving average…
The 200-week moving average increases currently at about $500 a [month], so nine times $500 will be $4,500, and Bitcoin’s 200-week moving average right now is a little under $28,000, so $28,000 plus $4,000 is well [a] $32,000 dollars (200-week) moving average at the halving approximately.
And Bitcoin would be above that right, and usually it would be like 50 above that, which would indicate a range of Bitcoin at the halving between $40,000 and $50,000.”
Last month, the analyst said that there’s an indicator suggesting that the top crypto asset by market cap is primed for a bull run.
At the time, PlanB said that BTC’s price moving above its two-year realized cost price historically signals that the king crypto is about to spark a rally.
Bitcoin’s realized cost price is a metric that gets the average value of BTC supply calculated at the price at which coins were last moved.
Bitcoin is trading for $30,450 at time of writing, a fractional increase during the last 24 hours. A surge to PlanB’s predicted range would be a 31 to 64 increase for the crypto king.
I
