Bitcoin Bull Run Predicted Post-April 2024, Says Analyst Planb

September 19, 2023 04:08 AM AEST | By Investing

Google News:

Bitcoin Bull Run Predicted Post-April 2024, Says Analyst Planb — Image source: Kalkine Media

Recent News

Ivanhoe Electric Charts a Strong Path with Santa Cruz Copper Project

Can ResMed (ASX:RMD) Shine in the ASX200 in 2025?

ASX200 Stocks in Focus: What’s Driving Interest in (ASX:A2M) and (ASX:...

ASX200 Opens Lower as Lithium Stocks Buck Market Trend

The prominent cryptocurrency Bitcoin (BTC) is expected to enter its next phase of bullish growth after the forthcoming halving event, according to renowned analyst PlanB. The halving event, which is predicted to trigger the bull run, is anticipated to commence post-April 2024.

PlanB's "stock-to-flow" Bitcoin price model suggests that Bitcoin's performance will align with an updated version of this model. This model emphasizes the increasing scarcity of Bitcoin as a key driver for its price growth. With Bitcoin's issuance decreasing by 50% every four years, the asset becomes progressively scarcer, thereby amplifying its price.

The analyst predicts that the upcoming bull run could extend for a minimum of eight months, leading Bitcoin to potentially reach its cycle high in the first quarter of 2025 at the earliest. Significant events in the liquidation phase were also noted by PlanB, including the collapses of the Terra (LUNA) and FTX ecosystems.

PlanB had previously indicated on Monday that Bitcoin's bear market might have ended as of July 2023. He also pointed out that Bitcoin's post-FTX performance was the weakest in the history of the cryptocurrency. However, despite the overall effectiveness of the stock-to-flow model over large time frames, its accuracy has been questioned since Q4 2021 when it failed to accurately forecast certain trends.

In anticipation of the next bull run, PlanB has simplified its model. He previously used a color-coded system to denote the distance between the halving and specific phases of Bitcoin's price performance. Now, he applies a more intuitive "accumulation-bull market-bear market-liquidation" model.

Despite these changes, PlanB maintains that investor psychology around Bitcoin will remain largely unchanged during the next bull market. At press time, Bitcoin was trading at $27,300 per unit.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

This article first appeared in Investing.com

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.