Known as PlanB, the cryptocurrency analyst made a bold prediction about the price of Bitcoin (BTC), foreseeing it reaching $55,000 before the expected halving event in April.
The Halving Process in BTC
The halving, which reduces rewards for Bitcoin miners, has historically been associated with bullish trends in the cryptocurrency market. In addition to the $55,000 prediction for the halving, PlanB anticipates further short-term growth for Bitcoin. He indicated that the leading cryptocurrency could reach a price range of $50,000 to $60,000 in the next four months.
PlanB believes that Bitcoin could rise even higher after the halving. Predicting that Bitcoin could reach $100,000 by the end of the year, he offers hope to investors seeking significant returns. Moreover, PlanB maintains a positive outlook for Bitcoin in the coming period, expecting a gradual yet significant increase in its price, with a target of $532,000 by 2025. This long-term forecast could indicate sustainable growth for the leading cryptocurrency.
PlanB’s Long-Term Prediction for BTC
According to PlanB’s analysis, Bitcoin is in an accumulation phase. The expert suggests that this phase will be followed by a rise in accordance with the Stock-to-Flow model. The Stock-to-Flow model, which assesses Bitcoin’s scarcity, has attracted attention within the cryptocurrency community for its potential to predict price movements. The analyst’s predictions come amidst increasing expectations related to the approval of a Spot Bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC). Since the end of last year, speculations about an imminent ETF approval have boosted cryptocurrency prices.
However, recent concerns have grown with Matrixport hinting at a potential ETF rejection, which led to a sudden crash in the crypto market. Bitcoin fell below $40,000 shortly after surpassing its all-time high in 2023. Despite the immediate setback, renewed positive sentiment regarding ETF approval contributed to Bitcoin’s recent recovery. PlanB, in his long-term outlook, foresees exponential growth for Bitcoin over the next decade. He suggests that the token’s price could increase tenfold from current levels, potentially offering an attractive opportunity for long-term investors.
