Bitcoin (BTC) To Rally 1000% and Hit $532,000: Predicts Analyst

Paigambar Mohan Raj
Source: Watcher Guru

According to renowned crypto trader and analyst PlanB, Bitcoin (BTC) could hit $55,000 before its halving cycle in April 2024. BTC’s halving event will slash rewards for miners by half. Many consider BTC’s halving a bullish event as it reduces the asset’s supply.

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Moreover, the analyst predicts that BTC’s price will continue to rally in the months following the halving. PlanB expects BTC to rise to around $60,000 in the next four months. The growth would translate to a rise of about 30% from current levels.

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By the end of this year, PlanB anticipates BTC’s price to rise to around $100,000, a growth of over 100% from current levels.

Furthermore, PlanB paints a bullish picture for Bitcoin (BTC) in 2025. According to the analyst, the original cryptocurrency could surge to $532K by next year. Reaching $532,000 would mean a growth of over 1000% from current price levels.

PlanB is known for his famous Stock-to-Flow model, by which he says BTC is in an accumulation phase. According to the analyst, a bullish pump will follow the accumulation stage.

Also Read: Spot Bitcoin ETF Could Push BTC Price to $200k: Standard Chartered.

Apart from PlanB, many other analysts also anticipate Bitcoin’s (BTC) price to hit an all-time high after a spot BTC ETF (Exchange Traded Fund) approval by the US SEC (Securities and Exchange Commission). A spot BTC ETF could cause a significant rise in institutional money flowing into the asset. A recent Standard Chartered report said a spot BTC ETF could push the asset’s price to $200,000.

According to Bloomberg, there is a 95% that the SEC will approve one or more spot BTC ETF applications in January. Hence, we may be in the early stages of the next big crypto bull market.