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.
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