A widely followed crypto analyst says 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 rising in price as Bitcoin approaches its next halving.
The halving is an event where BTC block rewards are cut in half, which happens roughly every four years.
says PlanB,
“The big question is [what] will the price of Bitcoin be at the April 2024 halving? We can try to estimate that just from this 200-week moving average…
The 200-week moving average is currently rising by about $500 per year [month]so nine times $500 becomes $4,500, and Bitcoin’s 200-week moving average is now just under $28,000, so $28,000 plus $4,000 is good [a] $32,000 dollars (200 weeks) moving average at the approximate halving.
And Bitcoin would be above that right, and usually it would be 50% above that, which would indicate a range of Bitcoin at the halving between $40,000 and $50,000.”
Last month, the analyst said there is an indicator suggesting that the major crypto asset by market capitalization is poised for a bull run.
At the time, PlanB said that the price of BTC rising above its two-year realized cost historically indicates that the king crypto is on the verge of a rally.
The realized cost of Bitcoin is a measure that calculates the average value of the BTC supply at the price at which the coins last moved.
Bitcoin is trading at $30,450 at the time of writing, a fractional increase over the past 24 hours. An increase in PlanB’s predicted reach would be a 31% to 64% increase for the crypto king.
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