Experienced crypto analyst PlanB recently shared insights on social media, emphasizing that for Bitcoin (BTC) 
$78,774 to enter a true and genuine bull market, its price must double. He noted that while Bitcoin is currently in a bull market phase, the significant price increase has yet to commence, with the market showing a horizontal trajectory around $60,000.
Price Must Double for a Bull Market, According to PlanB
In his statement, PlanB remarked, “The market remains flat, trading around $60,000, and I can re-enter the position from here. Additionally, Bitcoin is in a bull market, but the rise hasn’t come yet. Miners are still struggling with issues following the block reward halving. For the bull market to kick off, Bitcoin’s price needs to rise once again to double its current value.”
The analyst mentioned that miners’ profitability is under pressure after the block reward halving, requiring a substantial price increase to make their operations sustainable. He expressed that such an increase would alleviate operational issues for miners, promoting healthier market growth.
Willy Woo Supports PlanB’s View
Renowned on-chain analyst Willy Woo commented under PlanB’s tweet, stating, “Only the latest mining devices can be profitable post-halving at current BTC prices. As seen in the charts, now is generally a good time to buy BTC and mine with the latest generation hardware,” thus supporting PlanB’s perspective.
Currently, Bitcoin is fighting for survival after the latest block reward halving. Halvings generally reduce the new supply pressure on Bitcoin, potentially leading to price increases if demand remains steady or grows. Therefore, halvings are seen as significant bullish factors for the cryptocurrency market.
