On-chain analyst PlanB says that one event could push Bitcoin (BTC) to a new all-time high in as little as four months.
In a new ask-me-anything (AMA) session, the quantitative analyst tells his 82,400 YouTube subscribers that the approval of spot market Bitcoin exchange-traded funds (ETFs) could cause the crypto king to surge to new all-time highs before its halving event in April 2024.
The halving is a historically bullish event as it slashes BTC miners’ rewards in half.
“The halving is in April 2024, so that’s four months from now. A possible all-time high would be $69,000 – that would be a 50%+ increase in the next four months.
I think it’s very well possible. In fact, if the ETF gets approved before the halving – and I think everybody’s looking at January for that – if the ETF gets approved by January, then I think we’ll have this all-time high in the pocket, and $69,000 would be a low estimate – I think we’ll go straight to $100,000.”
PlanB goes on to argue that even in a short-term bearish scenario, Bitcoin won’t fall below the $25,000 level, barring a major black swan event.
“It could [dip] if we see a black swan – something that we we do not expect like the last halving in 2020, we had the Covid crisis hit two months before and that was a big black swan.
We can have that, but I don’t see one [on the] horizon at the moment. I don’t think it will be there and I think Bitcoin is perfectly on track for the next bull market without a prior crash to $25,000 levels. In fact, I have said it would surprise me if we would ever go below $35,000 again.”
Bitcoin is trading for $40,933 at time of writing.
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