On Monday, the price of BTC rose to $70,000 and then fell below $66,000. This significant price fluctuation brought uncertainties and concerns, as a famous market analyst highlighted a potential major price movement in BTC, sharing his analysis with charts.
Analyst’s Bitcoin Commentary
Renowned market analyst PlanB indicated that significant price movement could occur in Bitcoin (BTC) by the end of this year, based on various indicators. PlanB mentioned in his post on X that he is monitoring Bitcoin’s miner revenue metric.
The chart shared by the analyst historically shows that Bitcoin experiences parabolic rises shortly after miner revenues hit bottom following halving periods, marked by dark red dots.
Considering the correlation between price and miner revenue, PlanB predicted that Bitcoin could double in value between now and the end of December.
Miner revenue hit bottom after the April 2024 halving. I expect Bitcoin’s price to double within 3-5 months.
The Role of the US in Bitcoin
Last week, Senator Cynthia Lummis drew attention at the Bitcoin 2024 Conference by announcing that she would propose a bill to create BTC reserves to secure the value of the US dollar amidst a historic national debt level.
Meanwhile, former US President and presidential candidate Donald Trump stated that if elected, he would stop the sale of the US’s seized Bitcoin holdings on the open market and instead strategically hold the asset as an investment, hinting at potential purchases.
Following these announcements, PlanB stated that Bitcoin has reached the “nation-state adoption” phase. PlanB then shared a chart using the stock-to-flow (S2F) model, originally created for commodities, to measure the scarcity of an asset, adapted for Bitcoin.
Stage 5: nation-state adoption… are you ready?
Meanwhile, the BTC price fell below $66,000 once again and, as of the time of writing, is trading around $65,700, representing a drop of over 2%.
