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.
Also Read: Apple Removes Binance, KuCoin, OKX From Indian App Store
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.
Bitcoin (BTC) to hit a new all-time high in 2024?
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.