Closely followed quant analyst PlanB is predicting that the cycle top for Bitcoin (BTC) will be more than 4x the current value.
The pseudonymous analyst tells his 1.9 million followers on the social media platform X that Bitcoin could put up massive gains after the April 19th halving event based on historic precedence.
[adinserter block="1"]He believes the halving event, when miners’ rewards are cut in half, will once again be a bullish factor for Bitcoin and predicts the crypto king will reach a cycle top of about $300,000 by 2025.
“In my opinion, this Bitcoin halving will not be different:
- All Bitcoin price increases will again be around the halving.
- Buying six months before the halving and selling 18 months after the halving (green line) will outperform buy and hold.
- BTC greater than $100,000 in 2024.
- Bitcoin top greater than $300,000 in 2025.”
PlanB says that Bitcoin’s historic price increases have occurred around the halving events with 2x gains in the six months leading up to the event, 2x gains in the six months following the event and 4x gains between six and 18 months after the event.
“Happy Bitcoin halving! (stock-to-flow doubling):
- In the six months before the halving, insiders front run it: price 2x.
- In the six months after the halving, miner revenue adjusts: price 2x.
- Six-18 months after the halving, the rest of the market rushes to get a piece of the pie: price 4x.”
The analyst also says that he does not expect an immediate breakout from Bitcoin just days after the halving event.
“Nothing will happen in two days. We already had a nice little price increase from $34,000 (October 2023 close, six months before the halving) to $62,000 [on April 17th], almost 2x. In my opinion, we will have another 2x in the six-10 months after the halving. Then another 2x-4x face melting fear of missing out top.”
Bitcoin is trading for $64,489 at time of writing, up 1.5% in the last 24 hours.
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