TL;DR
PlanB, one of the most famous and controversial crypto analysts, thinks Bitcoin (BTC) could reach an unprecedented all-time high of $524,000 in the next bull cycle.
The popular Bitcoin advocate shared a chart illustrating the distribution of BTC prices at each halving event, indicating a historical trend where BTC tends to peak around four times higher than the lower end of the distribution range.
He predicts that BTC will be in the $16,000-$65,000 range after the next halving, with a potential peak in the $65,000-$524,000 range.
Moreover, PlanB believes the last bull cycle was primarily fuelled by major macro events such as COVID-19 and inflationary fiat currencies worldwide. Like other popular crypto figures, the analyst is convinced the next bull run will be even more explosive as two strong narratives take place in 2024 — the halving and a potential Bitcoin spot ETF.
PlanB shared a chart indicating that BTC is trading above the two-year and five-month realized price levels. The realized price metric tracks the sum of all Bitcoins at the price they were last transacted on-chain divided by the number of BTC in circulation.
The analyst recently said Bitcoin is currently in a pre-bull market and is unlikely to trade lower than $32k ahead of the halving. However, based on the observed trends, the analyst has warned its followers that BTC will not stay below $40,000 for long.
As of the current writing, BTC is trading at $36,929, a small 1.05% decline in seven days. Most of the altcoin market also started the week in the red, including ETH and BNB.
Bears and bulls are struggling to gain control over the market, and analysts are sharing their two cents with some interesting Bitcoin price predictions. While PlanB believes 2024 could reach unprecedented ATHs for the crypto asset, famous traders like CryptoCon and Ali Charts target ranges between $40k and $50k.
Despite today’s short pullback, BTC’s Fear and Greed Index has flashed Greed for 30 consecutive days, which has not happened in two years.
