On-chain analyst PlanB says Bitcoin is now on an imminent path that could potentially take BTC to new highs faster than most believe.
In a new strategy session, PlanB provides an update to its stock-to-flow (S2F) model for Bitcoin, which aims to forecast long-term market cycles based on BTC halvings, when the rewards of miners are reduced by half.
Next Bitcoin Halving Scheduled for April 2024
The analyst uses color-coded dots indicating the number of months until the halving, which act as a time-based indicator for potential bull runs that have historically coincided with each halving.
Based on previous cycles, PlanB says a rally near $60,000 is likely brewing, but also says that after the halving, a potential price ceiling near $532,000 is in play.
“After those halvings, the price of Bitcoin goes up… That’s what I expect to happen again in April 2024. The price will quickly rise towards this new line at $532,000 BTC. But for now, until the next halving, historically, these blue dots are touching the gray line again, and I wouldn’t be surprised if we just slowly increased towards the model value of $55,000 – $60,000.”
Source: PlanB/YouTube
PlanB recently shared with his 1.8 million followers on social media platform X a chart showing what price the majority of BTC was distributed at each halving.
Based on the historical trend of BTC appearing to peak at around 4x the lower end of the distribution range, PlanB said the cryptocurrency king could rise above the half-million-dollar range in the coming years.
He also said that the next bull run could be even more explosive than in the past due to several macro factors affecting the 2021 cycle, such as Covid-19.
“In the 2012 halving, most Bitcoin was <$16.
At the 2016 halving, most BTC was in the range of $256-$1024.
At the 2020 halving, most of the BTC was in the range of $4,000 to $16,000.
At the 2024 halving, most BTC will be in the range of $16,000 to $65,000.
“I wouldn’t be surprised if in the next four years the majority of BTC is transferred in the range of $65,000 to $524,000.”
Source: PlanB/X
Image generated: Halfway through the trip
