On-chain analyst PlanB says Bitcoin is now on an impending path that could potentially take BTC to new highs sooner than most think.
In a new strategy session, PlanB provides an update to its stock-to-flow (S2F) model for Bitcoin, which aims to predict longer-term market cycles based on BTC halving, when miner rewards are halved.
Bitcoin’s next halving is scheduled for April 2024
The analyst uses color-coded dots indicating the number of months until the halving, which acts as a time-based indicator of potential bull runs that have historically coincided with each halving.
Based on previous cycles, PlanB says a rally to around $60,000 is likely coming, but he also says there is a potential price ceiling of around $532,000 in play after the halving.
“After those halvings, the Bitcoin price goes up… That’s what I expect to happen again in April 2024. The price will quickly rise towards this new line at $532,000 BTC. But for now, until the next halving, these blue dots are historically hitting the gray line again, and I wouldn’t be surprised if we slowly but surely move towards the model value of $55,000 – $60,000.”
PlanB recently shared with its 1.8 million followers on the social media platform
Based on the historical trend of BTC appearing to rise about 4x above the bottom of the distribution range, PlanB said the crypto king could rise above the half-million dollar range in the coming years.
He also said 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 the 2012 halving, most Bitcoin was <$16.
At the 2016 halving, most BTC was in the $256-$1024 range.
At the 2020 halving, most BTC was in the $4,000-16,000 range.
At the 2024 halving, most BTC will be between $16,000 and $65,000.
I wouldn’t be surprised if over the next four years most of the BTC between $65,000 and $524,000 will be transferred.”
I
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on Tweet, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: Midjourney