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PlanB, a prominent figure who gained fame with his Stock-to-Flow (S2F) model for Bitcoin (BTC) and closely followed by cryptocurrency investors, made an important statement stating that the largest cryptocurrency will reach a point between $40,000 and $50,000 in the coming months.
Bitcoin Awaits $40,000 – $50,000
Anonymous cryptocurrency analyst PlanB predicted during his recent strategy session that as the next block reward halving event for Bitcoin approaches rapidly, the price of the crypto king will significantly increase. As is known, the block reward halving event for Bitcoin, also known as halving, is an important event that occurs approximately every four years and reduces the amount of BTC miners receive per block by 50%.
PlanB said the following in his evaluation of the upcoming Bitcoin block reward halving event:
The main question that needs to be asked here is what will happen to the price of Bitcoin during the block reward halving event in April 2024? Trying to predict this solely based on the 200-week moving average is possible. The 200-week moving average is currently increasing by approximately $500 on a monthly time frame. Therefore, multiplying $500 by nine equals $4,500, which makes the 200-week moving average of Bitcoin slightly below $28,000 at the moment. Therefore, the calculation of halving event is around $28,000 plus $4,000, which corresponds to $32,000, and the Bitcoin price during that period will be above this. It is generally expected that the price will be 50% above, indicating that BTC will reach a price between $40,000 and $50,000 during the halving event.
“Bitcoin is Ready for a Bull Run”
Last month, the cryptocurrency analyst stated in a similar evaluation that there was an indicator indicating that the largest cryptocurrency was ready for a bull run. The indicator pointed out by PlanB was the price of Bitcoin surpassing the two-year realized cost price. At that time, the BTC price had surpassed the two-year realized cost price, and the analyst stated that this was always a significant rally signal.
The realized cost price of Bitcoin is a metric that calculates the average value of the supply based on the price at which the last BTCs were moved.
