Cryptocurrency market analyst PlanB, known for his analyses, shared a chart suggesting that Bitcoin (BTC) will rise to all-time high levels.
Critical Level for Bitcoin
The senior analyst stated in a Youtube presentation that according to Bitcoin’s 200-week moving average, the likelihood of BTC falling below $31,000 again is low, adding the following:
Historically, when Bitcoin deviates from the moving average line, it does not fall below this line; this is not a guarantee, but it could also mean that we will not fall below $31,000 again in my opinion. It’s currently kind of a floor. The good thing is that this base is rising because, as you can see, the 200-week moving average is always increasing, so next month it won’t be $31,000, it could be $32,000 or $35,000.
PlanB Predicts a Surge for BTC
Analyst PlanB predicts that the largest cryptocurrency by market value will likely reach its all-time high in the fourth quarter of this year, followed by a crash. The expert stated the following in his remarks:
After %90 comes always %100, which in this case is the all-time high. In my opinion, this means we will see the all-time high before another crash, and this usually happens six months after a halving, so we could see a new all-time record this October.
Bitcoin’s next halving is scheduled for April, with an expected reduction in mining rewards for Bitcoin. At the time of writing, Bitcoin was trading at $42,860, experiencing a slight decline over the last 24 hours. Crypto analyst PlanB asserts that Bitcoin is unlikely to fall below $31,000 and predicts it will reach an all-time high followed by a crash.