Widely followed analyst PlanB is predicting the timeline for Bitcoin (BTC) to spark a rally to new all-time highs.
In a new video update, the quant analyst tells his 96,300 YouTube subscribers that BTC is unlikely to ever dip below $31,000 again based on Bitcoin’s 200-week moving average.
“Historically when Bitcoin is diverging from the moving average line, [it] won’t drop below that line, so that could mean – not a guarantee – but it could mean, that’s also my opinion, that we will not drop below $31,000 again. It’s sort of the floor at the moment.
The nice thing is that this floor is rising because as you can see the 200-week moving average is always going up, it’s always rising, so next month it will not be $31,000, it could be $32,000 or $35,000.”
PlanB goes on to say that the top crypto asset by market cap will likely see a new all-time high in Q4 of this year before ultimately crashing.
“After the 90% [orange dots] always comes 100% [red dots], the new all-time high. So this means that we [will] see another all-time high before another crash in my opinion, and usually that is six months after the halving, so that would be October [of] this year, we could see a new all-time high.”
BTC’s next halving is slated for April and will see miners’ Bitcoin rewards cut in half.
Bitcoin is trading for $42,860 at time of writing, a fractional decrease during the last 24 hours.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
