🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

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

EditorVenkatesh Jartarkar
Published 09/18/2023, 02:07 PM
© Reuters.
LUNA
-
BTC/USD
-

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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.