It has been revealed the fact that Bitcoin’s price tag will reach $60k ahead of the halving event. Check out the following reports about all this below.
Bitcoin price to explode to $60k
At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $41,862.
According to on-chain analyst PlanB, Bitcoin is on the verge of a potential surge that could take it to new heights faster than expected.
PlanB has updated his stock-to-flow (S2F) model for Bitcoin, which predicts longer-term market cycles based on the halving of BTC. The halving occurs when miners’ rewards are cut in half.
PlanB uses color-coded dots to indicate the number of months until the next halving, which serves as a time-based indicator for potential bull runs that have historically coincided with each halving.
The next Bitcoin halving is scheduled for April 2024.
PlanB predicts a potential rally near $60,000 and a price ceiling of $532,000 after the halving.
“After those halvings, the Bitcoin price goes up… That is what I expect to happen in April 2024, again. The price will rise fast towards this new line at $532,000 BTC. But for now, until the next halving, historically, these blue dots are touching the grey line again, and it wouldn’t surprise me if we just slowly increase towards the model value of $55,000 – $60,000.”
PlanB, a popular social media influencer with 1.8 million followers on X, recently shared a chart depicting the price distribution of BTC at each halving.
According to the historical trend, BTC tends to peak at around 4 times higher than the lower end of the distribution range.
PlanB predicts that the price of BTC could soar above half a million dollars in the next few years.
He also believes that the next bull run could be even more explosive than in the past due to several macro factors affecting the 2021 cycle, such as Covid-19.
“At 2012 halving, most Bitcoin was <$16.
At 2016 halving, most BTC was in the $256-$1024 range.
At 2020 halving, most BTC was in the $4,000-16,000 range.
At 2024 halving, most BTC will be in the $16,000-$65,000 range.
I would not be surprised if next four years, most BTC will transfer in the $65,000-$524,000 range.”
